- USD/CNY is currently trading around 6.6228 marks.
- It made intraday high at 6.6464 and low at 6.6228 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 6.6513 mark.
- A sustained close above 6.6439 marks will test key resistances at 6.6513, 6.6615, 6.6673, 6.6735 and 6.6964 marks respectively.
- Alternatively, a daily close below 6.6439 will drag the parity down towards key supports at 6.6184, 6.6064, 6.6010, 6.5884, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
- PBOC sets yuan mid-point at 6.6397/ dlr vs last close 6.6460.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- China Oct NBS non - manufacturing PMI decrease to 54.3 vs previous 55.40.
- China Oct NBS manufacturing PMI decrease to 51.6 (forecast 52.0) vs previous 52.4.
We prefer to take short position in USD/CNY around 6.6335, stop loss at 6.6439 and target of 6.6064.
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