FxWirePro: Chinese yuan trades marginally higher after CAIXIN manufacturing PMI data

• USD/CNY is currently trading around 6.6204 marks.
   
• It made intraday high at 6.6373 and low at 6.6138 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 6.6464 mark.
   
• A sustained close above 6.6327 marks will test key resistances at 6.6464, 6.6513, 6.6615, 6.6673, 6.6735 and 6.6964 marks respectively.
   
• Alternatively, a daily close below 6.6327 will drag the parity down towards key supports at 6.6064, 6.6010, 6.5884, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
   
• PBOC sets yuan mid-point at 6.6300/ dlr vs last close 6.6340.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• China Oct Caixin manufacturing PMI final stays flat at 51.0 (forecast 51.0) vs previous 51.0.

We prefer to take short position in USD/CNY around 6.6250, stop loss at 6.6464 and target of 6.5884/6.5710.

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