FxWirePro: Chinese yuan rises in early Asia after manufacturing PMI, non – manufacturing PMI data

• USD/CNY is currently trading around 6.9824 marks.
   
• It made intraday high at 6.9867 and low at 6.9803 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 6.9810 mark.
   
• A sustained close above 7.0123 marks will test key resistances at 7.0168, 7.0388, 7.07 and 7.0920 marks respectively.
   
• Alternatively, a daily close below 6.9810 will drag the parity down towards key supports at 6.9525, 6.9297, 6.88 and 6.8662 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 manufacturing PMI stands flat at 50.2 vs expected 50.1 pct.
   
• China’s non – manufacturing PMI stands at 53.5 vs 54.4 previous release (expected 54.2).

We prefer to take short position on USD/CNY only below 6.9789, stop loss at 7.0123 and target of 6.9525/6.9297.