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- USD/CNY is currently trading around 6.8463 marks.
- It made intraday high at 6.8526 and low at 6.8354 levels.
- Intraday bias remains bearish for the moment.
- A sustained close above 6.85 marks will test key resistances at 6.8671, 6.8882, 6.8942, 6.9010, 6.9080, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
- Alternatively, a daily close below 6.85 will drag the parity down towards key supports at 6.8354, 6.8298, 6.8090 and 6.7769 marks respectively.
- PBOC sets yuan mid-point at 6.8633/ dlr vs last close 6.8525.
- China’s May NBS non-manufacturing PMI increases to 54.5 vs previous 54.00.
- China’s May NBS manufacturing PMI stays flat at 51.2 (forecast 51.0) vs previous 51.2.
We prefer to take short position in USD/CNY around 6.85, stop loss 6.8710 and target of 6.8090.
