- USD/CNY is currently trading around 6.8754 marks.
- It made intraday high at 6.8784 and low at 6.8750 levels.
- Intraday bias remains neutral for the moment.
- A sustained close above 6.8754 marks will test key resistances at 6.8886, 6.9075, 6.9210, 6.9396, 6.9525 and 6.9620 marks respectively.
- Alternatively, a daily close below 6.8754 will drag the parity down towards key supports at 6.8720, 6.8525, 6.8348, 6.8210, 6.8095, 6.8020 and 6.7864 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- China Dec 2018 NBS non - manufacturing PMI increase to 53.8 vs previous 53.4.
- China Dec 2018 NBS manufacturing PMI decrease to 49.4 (forecast 49.9) vs previous 50.
- China Dec 2018 composite PMI decrease to 52.6 vs previous 52.8.
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.
