FxWirePro: Chinese yuan trades almost flat as Caixin services PMI data misses expectations

• USD/CNY is currently trading around 6.2869 marks.
   
• It made intraday high at 6.2894 and low at 6.2852 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at 6.2954 marks.
   
• A sustained close above 6.2954 marks will test key resistances at 6.3040, 6.3160, 6.3320, 6.3515, 6.3625, 6.3855 and 6.4017 marks respectively.
   
• Alternatively, a daily close below 6.2705 will drag the parity down towards key supports at 6.2584, 6.2419, 6.2322, 6.2196 and 6.1907 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• China released Caixin services PMI data with negative numbers at 52.3 m/m vs 54.2 m/m previous release.

We prefer to take long position on USD/CNY only above 6.2900, stop loss 6.2728 and target of 6.3160/6.3320.

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