FxWirePro: Chinese yuan falls in early Asia as China’s Caixin manufacturing PMI fails to meet expectations
USD/CNY is currently trading around 6.8961 marks. It made intraday high at 6.8973 and low at 6.8899 levels. Intraday bias remains bullish till the time pair holds key support at 6.8899 marks. A sustained close above 6.88…
It made intraday high at 6.8973 and low at 6.8899 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8899 marks.
A sustained close above 6.8899 marks will test key resistances at 6.9037, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8899 will drag the parity down towards key supports at 6.8749, 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
China’s April caixin manufacturing PMI final decrease to 50.3(forecast 51.2) vs previous 51.2.
China’s caixin PMI suggests total new orders, output growth also slowest in seven months.
We prefer to take long position in USD/CNY around 6.8948, stop loss at 6.8899 and target of 6.8993/6.9107.
