- USD/CNY is currently trading around 6.7260 marks.
- It made intraday high at 6.7373 and low at 6.7250 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 6.7486 mark.
- A sustained close above 6.7361 marks will test key resistances at 6.7486, 6.7529, 6.7668, 6.7757, 6.7842, 6.8009, 6.8070, 6.8250, 6.8440, 6.8526, 6.8671, 6.8882, 6.8942, 6.9010 and 6.9080 marks respectively.
- Alternatively, a daily close below 6.7361 will drag the parity down towards key supports at 6.7239, 6.7118 and 6.7011 marks respectively.
- China July NBS non-manufacturing PMI decrease to 54.5 vs previous 54.90.
- China July NBS manufacturing PMI decrease to 51.4 (forecast 51.6) vs previous 51.7.
- PBOC sets yuan mid-point at 6.7283/ dlr vs last close 6.7360.
- China sets yuan mid-point at the strongest level since October 14, 2016.
We prefer to take long position in USD/CNY only above 6.7510, stop loss at 6.7239 and target of 6.7698.
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