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FxWirePro: Chinese yuan falls despite higher than expected Caixin manufacturing PMI data

Monday, July 3, 2017 5:13 AM UTC

USD/CNY is currently trading around 6.7844 marks.
It made intraday high at 6.7870 and low at 6.7757 levels.
Intraday bias remains bullish till the time pair holds key support at 6.7600 marks.
A sustained close above 6.7800 marks will test key resistances at 6.7983, 6.8099, 6.8250, 6.8440, 6.8526, 6.8671, 6.8882, 6.8942, 6.9010 marks 6.9080 marks respectively.
Alternatively, a daily close below 6.7790 will drag the parity down towards key supports at 6.7607, 6.7520, 6.7436 and 6.7222 marks respectively.
PBOC sets yuan mid-point at 6.7772/ dlr vs last close 6.7816.
China June Caixin manufacturing PMI final increase to 50.4 (forecast 49.5) vs previous 49.6.

We prefer to take short position in USD/CNY around 6.7850, stop loss at 6.7983 and target of 6.7600.

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FxWirePro: Chinese yuan falls despite higher than expected Caixin manufacturing PMI data

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