FxWirePro: Chinese yuan remains almost unchanged after manufacturing PMI data
USD/CNY is currently trading around 6.8754 marks. It made intraday high at 6.8784 and low at 6.8750 levels. Intraday bias remains neutral for the moment. A sustained close above 6.8754 marks will test key resistances at …
It made intraday high at 6.8784 and low at 6.8750 levels.
Intraday bias remains neutral for the moment.
A sustained close above 6.8754 marks will test key resistances at 6.8886, 6.9075, 6.9210, 6.9396, 6.9525 and 6.9620 marks respectively.
Alternatively, a daily close below 6.8754 will drag the parity down towards key supports at 6.8720, 6.8525, 6.8348, 6.8210, 6.8095, 6.8020 and 6.7864 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
China Dec 2018 NBS non - manufacturing PMI increase to 53.8 vs previous 53.4.
China Dec 2018 NBS manufacturing PMI decrease to 49.4 (forecast 49.9) vs previous 50.
China Dec 2018 composite PMI decrease to 52.6 vs previous 52.8.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
