FxWirePro: Chinese yuan falls despite higher than expected manufacturing PMI, non-manufacturing PMI data
USD/CNY is currently trading around 6.8969 marks. It made intraday high at 6.9025 and low at 6.8869 levels. Intraday bias remains bullish till the time pair holds key support at 6.8869 mark. A sustained close above 6.886…
It made intraday high at 6.9025 and low at 6.8869 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8869 mark.
A sustained close above 6.8869 marks will test key resistances at 6.9073, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8869 will drag the parity down towards key supports at 6.8778, 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets Yuan mid-point at 6.8993/dollar vs last close 6.8886.
China’s March NBS non-manufacturing PMI increases to 55.1 vs previous 54.20.
China’s March NBS manufacturing PMI increases to 51.8 (forecast 51.6) vs previous 51.6.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
