FxWirePro: Chinese Yuan hits fresh 5 –month low against US dollar as manufacturing PMI falls in May

• USD/CNY is currently trading around 6.5922 marks.
   
• It made intraday high at 6.5934 and low at 6.5775 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.5710 levels.
   
• A sustained close above 6.5908 marks will test key resistance at 6.6042 (January 07, 2016 high) marks.
   
• Alternatively, reversal from key resistance will drag the parity down towards key supports at 6.5510(20D EMA), 6.5369, 6.5758, 6.4910, 6.4721 and 6.4531 levels.
   
• Important to note here that, 20D EMA, 30D and 55D EMA heads up, which confirms bullish trend.
   
• PBOC sets Yuan mid-point at 6.5889 / dlr vs last close 6.5783.
   
• China’s May NBS manufacturing PMI stays flat at 50.1 (forecast 50.0) vs previous 50.1.
   
• China’s May NBS Non-manufacturing PMI decrease to 53.1 vs previous 53.50.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.