FxWirePro: Chinese yuan gains despite lower than expected Caixin services PMI data
USD/CNY is currently trading around 6.7940 marks. It made intraday high at 6.7990 and low at 6.7915 levels. Intraday bias remains neutral till the time pair holds key resistance at 6.80 marks. A sustained close above 6.7…
It made intraday high at 6.7990 and low at 6.7915 levels.
Intraday bias remains neutral till the time pair holds key resistance at 6.80 marks.
A sustained close above 6.7947 marks will test key resistances at 6.8006, 6.8099, 6.8250, 6.8440, 6.8526, 6.8671, 6.8882, 6.8942, 6.9010 marks 6.9080 marks respectively.
Alternatively, a daily close below 6.7947 will drag the parity down towards key supports at 6.7767, 6.7607, 6.7520, 6.7436 and 6.7222 marks respectively.
China caixin/markit June services PMI shows new orders drop to 51.9, lowest since may 2016 (vs 53.5 in May).
China caixin/markit June composite PMI (services and manufacturing) falls to 51.1 vs may 51.5.
China June caixin services PMI decrease to 51.6 vs previous 52.8.
PBOC sets yuan mid-point at 6.7922/ dlr vs last close 6.8005.
We prefer to take long position in USD/CNY only above 6.8006, stop loss at 6.7845 and target of 6.8352.
