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

• USD/CNY is currently trading around 6.6256 marks.
   
• It made intraday high at 6.6359 and low at 6.6199 levels.
   
• Intraday bias remains slightly bearish till the time pair holds immediate resistance at 6.6400 mark.
   
• A sustained close above 6.6400 marks will test key resistances at 6.6660, 6.6855, 6.7167, 6.7310, 6.7444 and 6.7676 marks respectively.
   
• Alternatively, a daily close below 6.6400 will drag the parity down towards key supports at 6.6170, 6.5991, 6.5758, 6.5500, 6.5340 and 6.5008 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• PBOC sets yuan mid-point at 6.6595 / dlr vs last close 6.6440.
   
• China sets yuan mid-point at weakest since Aug 23, 2017.
   
• China June 2018 Caixin services PMI increase to 53.9 (previous 52.9).
   
• China Caixin/markit June composite PMI (services and manufacturing) at 53.0, up from May's 52.3.

We prefer to take long position on USD/CNY only above 6.6400, stop loss 6.6055 and target of 6.6660/6.6855.