FxWirePro: Chinese yuan trades marginally higher on robust manufacturing - non manufacturing PMI data
USD/CNY is currently trading around 7.0851 marks. It made intraday high at 7.0989 and low at 7.0850 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 7.1095 mark. A sustained close…
It made intraday high at 7.0989 and low at 7.0850 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 7.1095 mark.
A sustained close above 7.1095 marks will test key resistances at 7.1142, 7.1303 and 7.1515 marks respectively.
Alternatively, a daily close below 7.0611 will drag the parity down towards key supports at 7.0459, 7.0285, 7.01, 7.0076, 6.9857 and 6.9510 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
China’s manufacturing PMI stands at 52.0 vs 35.7 previous release (expected 44.9).
China’s non – manufacturing PMI stands at 52.3 vs 29.6 previous release (expected 42.1).
We prefer to take long position in USD/CNY only above 7.1022, stop loss at 7.08 and target of 7.1303/7.1515.
