FxWirePro: Chinese yuan hits fresh 2 – month low despite robust Caixin services PMI data
USD/CNY is currently trading around 7.0690 marks. It made intraday high at 7.0710 and low at 7.0583 levels. Intraday bias remains bullish till the time pair holds key support at 7.0368 mark. A sustained close above 7.060…
It made intraday high at 7.0710 and low at 7.0583 levels.
Intraday bias remains bullish till the time pair holds key support at 7.0368 mark.
A sustained close above 7.0608 marks will test key resistances at 7.07, 7.0920, 7.1030 and 7.1477 marks respectively.
Alternatively, a daily close below 7.0368 will drag the parity down towards key supports at 7.0180, 7.0074, 6.9765, 6.9525, 6.9297 and 6.88 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
China’s Caixin services PMI data stands at 53.5 vs 51.1 previous release (expected 51.2).
We prefer to take long position on USD/CNY around 7.05, stop loss at 7.0368 and target of 7.0920/7.1030.
