FxWirePro: Chinese yuan trades marginally higher on robust Caixin services PMI data
USD/CNY is currently trading around 6.8674 marks. It made intraday high at 6.8720 and low at 6.8627 levels. Intraday bias remains bearish for the moment. A sustained close above 6.8707 marks will test key resistances at …
It made intraday high at 6.8720 and low at 6.8627 levels.
Intraday bias remains bearish for the moment.
A sustained close above 6.8707 marks will test key resistances at 6.8886, 6.9075, 6.9210, 6.9396, 6.9525 and 6.9620 marks respectively.
Alternatively, a daily close below 6.8707 will drag the parity down towards key supports at 6.8525, 6.8348, 6.8210, 6.8095, 6.8020 and 6.7864 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
China Dec 2018 Caixin services PMI increase to 53.9 vs previous 53.8.
China Caixin/markit Dec composite PMI (services and manufacturing) rises to 52.2 vs Nov 51.9.
PBOC sets yuan mid-point at 6.8586 / dlr vs last close 6.8730.
We prefer to take short position on USD/CNY around 6.87, stop loss at 6.8886 and target of 6.8525.
