FxWirePro: Chinese yuan strengthens on robust manufacturing PMI data, PBOC sets yuan mid-point at 6.4144
USD/CNY is currently trading around 6.4102 marks. It made intraday high at 6.4174 and low at 6.4102 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 6.4190 marks. A sustained clos…
It made intraday high at 6.4174 and low at 6.4102 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 6.4190 marks.
A sustained close above 6.4190 marks will test key resistances at 6.4278, 6.4329, 6.4525 and 6.4730 marks respectively.
Alternatively, a daily close below 6.4190 will drag the parity down towards key supports at 6.3979, 6.3750, 6.3654, 6.3510, 6.3313 and 6.3210 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 6.4144 / dlr vs last close 6.4218.
China May composite PMI increase to 54.6.
China May NBS non - manufacturing PMI increase to 54.9 vs previous 54.8.
China May NBS manufacturing PMI increase to 51.9 (forecast 51.3 ) vs previous 51.4.
We prefer to take short position on USD/CNY around 6.4120, stop loss 6.4200 and target of 6.3979/6.3750.