FxWirePro: Chinese yuan depreciates despite higher than expected manufacturing PMI data

• USD/CNY is currently trading around 6.8952 marks.
   
• It made intraday high at 6.8952 and low at 6.8837 levels.
   
• Intraday bias remains slightly bullish till the time pair holds immediate support at 6.8807 marks.  
   
• On the top side, a sustained close above 6.8913 marks will test key resistances at 6.9052, 6.9128, 6.9237, 6.9330, 6.9435, 6.9637 and 6.9883 marks respectively.
   
• Alternatively, a daily close below 6.8807 will drag the parity down towards key supports at 6.87, 6.8550, 6.8449, 6.8090, 6.7969, 6.7769, 6.7540, 6.7439, 6.7370, 6.7288, 6.7180 and 6.7055.
   
• 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 6.8958/ dollar vs last close 6.8848.
   
• China’s November NBS non-manufacturing PMI increases to 54.7 vs previous 54.00.
   
• China’s November NBS manufacturing PMI increases to 51.7 (forecast 51.0) vs previous 51.2.
   
• China’s November CAIXIN manufacturing PMI final decreases to 50.9 (forecast 50.8 ) vs previous 51.2.

We prefer to take long position in USD/CNY around 6.8890, stop loss at 6.8807 and target of 6.9035/6.9128.