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FxWirePro: Chinese yuan gains on the back of higher than expected Caixin manufacturing PMI data

  • USD/CNY is currently trading around 6.7175 marks.
  • It made intraday high at 6.7239 and low at 6.7150 levels.
  • Intraday bias remains bearish till the time pair holds key resistance at 6.7373 mark.
  • A sustained close above 6.7239 marks will test key resistances at 6.7373, 6.7486, 6.7529, 6.7668, 6.7757, 6.7842, 6.8009 and 6.8122 marks respectively.
  • Alternatively, a daily close below 6.7239 will drag the parity down towards key supports at 6.7118, 6.7011 and 6.6826 marks respectively.
  • PBOC sets yuan mid-point at 6.7148/ dlr vs last close 6.7290.
  • China sets yuan mid-point at the strongest level since October 11, 2016.
  • China July Caixin manufacturing PMI final increase to 51.1 (forecast 50.4) vs previous 50.4.
  • China caixin PMI shows businesses cautious on hiring, employment falls at fastest pace in 10 months.
  • China caixin PMI shows new orders and output growth rise at fastest pace since February.

We prefer to take short position in USD/CNY around 6.7200, stop loss at 6.7373 and target of 6.7011.

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