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FxWirePro: Chinese yaun strengthens as China’s CAIXIN services PMI rises to 4-month high

  • USD/CNY is currently trading around 6.8038 marks.
  • It made intraday high at 6.8116 and low at 6.7962 levels.
  • Intraday bias remains bearish for the moment.
  • A sustained close above 6.8084 marks will test key resistances at 6.8298, 6.8354, 6.8671, 6.8882, 6.8942, 6.9010 marks 6.9080 marks respectively.

  • Alternatively, a daily close below 6.8084 will drag the parity down towards key supports at 6.7839, 6.7769, 6.7626, 6.7520 and 6.7436 marks respectively.
  • PBOC sets yuan mid-point at 6.7935/ dlr vs last close 6.8085.
  • China’s May Caixin services PMI increase to 52.8 vs previous 51.5.
  • China’s Caixin/Markit May composite PMI (services and manufacturing) rises to 51.5 (vs April 51.2).

We prefer to take short position in USD/CNY around 6.8075, stop loss 6.8298 and target of 6.7520.

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