FxWirePro: Chinese yuan gains on robust Caixin manufacturing PMI data
USD/CNY is currently trading around 6.9339 marks. It made intraday high at 6.9549 and low at 6.9238 levels. Intraday bias remains bearish till the time pair holds key resistance at 6.9552 mark. A sustained close above 6.…
It made intraday high at 6.9549 and low at 6.9238 levels.
Intraday bias remains bearish till the time pair holds key resistance at 6.9552 mark.
A sustained close above 6.9430 marks will test key resistances at 6.9552, 6.9633, 6.9778 and 6.9883 marks respectively.
On the other side, a daily close below 6.9429 will drag the parity down towards key supports at 6.9343, 6.9204, 6.9127, 6.9026, 6.9189, 6.8983, 6.8770, 6.8510 and 6.8449 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
PBOC sets Yuan mid-point at 6.9498/ dollar vs last close 6.9467.
China December Caixin manufacturing PMI final increases to 51.9 (forecast 50.7) vs previous 50.9.
We prefer to go short on USD/CNY around 6.9370, stop loss at 6.9552 and target of 6.9026.
