- USD/CNY is currently trading around 6.9448 marks.
- It made intraday high at 6.9464 and low at 6.9424 levels.
- Intraday bias remains slightly bullish for the moment.
- A sustained close above 6.9410 marks will test key resistances at 6.9525, 6.9620, 6.9768, 6.9850, 6.9929 and 6.9980 marks respectively.
- Alternatively, a daily close below 6.9410 will drag the parity down towards key supports at 6.9396, 6.9210, 6.9120, 6.8894, 6.8670, 6.8420 and 6.8215 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- PBOC sets yuan mid-point at 6.9357 / dlr vs last close 6.9422.
- China Nov 2018 NBS non - manufacturing PMI decrease to 53.4 vs previous 53.9.
- China Nov 2018 NBS manufacturing pmi decrease to 50 (forecast 50.2) vs previous 50.2
- China Nov 2018 composite PMI decrease to 52.8 vs previous 53.1.
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.
