FxWirePro: Chinese yuan falls as manufacturing PMI data misses expectations

• USD/CNY is currently trading around 6.3305 marks.
   
• It made intraday high at 6.3338 and low at 6.3168 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.3168 mark.
   
• A sustained close above 6.3168 marks will test key resistances at 6.3372, 6.3501, 6.3625, 6.3855 and 6.4017 marks respectively.
   
• Alternatively, a daily close below 6.3114 will drag the parity down towards key supports at 6.2942, 6.2827, 6.2584, 6.2322, 6.2196 and 6.1907 marks respectively.
   
• PBOC sets yuan mid-point at 6.3294 / dlr.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
   
• China Feb NBS non - manufacturing PMI decrease to 54.4 vs previous 55.3.
   
• China Feb NBS manufacturing PMI decrease to 50.3 (forecast 51.2 ) vs previous 51.3.

We prefer to take long position on USD/CNY around 6.3280, stop loss at 6.3168 and target of 6.3625.

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