FxWirePro: Chinese yuan gains despite lower than expected manufacturing PMI data
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.…
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.
