FxWirePro: Chinese yuan trades marginally higher on Caixin services PMI data

• USD/CNY is currently trading around 7.1638 marks.
   
• It made intraday high at 7.1768 and low at 7.1627 levels.
   
• Intraday bias remains slightly bearish for the moment.
   
• A sustained close above 7.1785 marks will test key resistances at 7.1877, 7.2095, 7.3645 and 7.58 marks respectively.
   
• Alternatively, a daily close below 7.1434 will drag the parity down towards key supports at 7.12, 7.0927, 7.0707 and 7.0497 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 services PMI data stand at 52.1 vs 51.6 pct previous release.

We prefer to take short position on USD/CNY around 7.17, stop loss at 7.1785 and target 7.12.