FxWirePro: Taiwanese dollar appreciates despite lower than expected manufacturing PMI data

• USD/TWD is currently trading around 29.30 marks.
   
• It made intraday high at 29.37 and low at 29.28 marks.
   
• Intraday bias remains neutral for the moment.
   
• A daily close above 29.32 will drag the parity up towards key resistances around 29.50, 29.65, 29.90, 30.02, 30.22 and 30.30 marks respectively.

• On the other side, key support levels are seen at 29.12, 29.02, 28.99, 28.89, 28.77 and 28.49 marks respectively.
   
• Taiwan Feb PMI slips to 56.0 vs Jan's 56.9, new order growth stays robust.
   
• Taiwan stocks open down 0.3 pct at 10,779.10 points.
   
• Taiwan's newly appointed Central Bank governor Yang Chin-Long says inflationary pressure remains mild and will take appropriate currency policy to keep CPI stable.

We prefer to take short position in USD/TWD only below 29.26, stop loss at 29.45 and target of 29.02.

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