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- USD/CNY is currently trading around 7.1182 marks.
- It made intraday high at 7.1313 and low at 7.1177 levels.
- Intraday bias remains slightly bearish for the moment.
- A sustained close above 7.1313 marks will test key resistances at 7.1548, 7.1877, 7.2095, 7.3645 and 7.58 marks respectively.
- Alternatively, a daily close below 7.1217 will drag the parity down towards key supports at 7.1080, 7.0621, 7.0497, 7.0108, 6.97, 6.9297 and 6.88 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- China Caixin manufacturing PMI stands at 51.4 pct vs 50.4 pct previous release.
- China manufacturing PMI stands at 49.8 pct vs 49.5 pct previous release.
- China non – manufacturing PMI stands at 53.7 pct vs 53.8 pct previous release.
We prefer to take long position on USD/CNY only above 7.1313, stop loss at 7.1050 and target 7.1548/7.17.
