FxWirePro: Chinese yuan trades marginally higher after Caixin manufacturing PMI data
USD/CNY is currently trading around 6.9681 marks. It made intraday high at 6.9756 and low at 6.9642 levels. Intraday bias remains slightly bearish for the moment. A sustained close above 6.9730 marks will test key resist…
It made intraday high at 6.9756 and low at 6.9642 levels.
Intraday bias remains slightly bearish for the moment.
A sustained close above 6.9730 marks will test key resistances at 6.9768, 6.9850, 6.9929 and 6.9980 marks respectively.
Alternatively, a daily close below 6.9730 will drag the parity down towards key supports at 6.9592, 6.9396, 6.9210, 6.8898, 6.8670, 6.8420 and 6.8215 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
China Oct 2018 Caixin manufacturing PMI final increase to 50.1 (forecast 49.9) vs previous 50.
PBOC sets yuan mid-point at 6.9670 / dlr vs last close 6.9740.
We prefer to take short position on USD/CNY only below 6.9592, stop loss at 6.9762 and target of 6.9396/6.9210.
