• FxWirePro: Chinese Yuan falls despite robust Caixin manufacturing PMI data

    Source: FxWire Pro - Technicals / 01 Apr 2020 03:15:59   America/New_York

    • USD/CNY is currently trading around 7.0965 marks.
       
    • It made intraday high at 7.0984 and low at 7.0792 levels.
       
    • Intraday bias remains bullish till the time pair holds key support at 7.07 mark.
       
    • A sustained close above 7.1095 marks will test key resistances at 7.1142, 7.1303 and 7.1515 marks respectively.
       
    • Alternatively, a daily close below 7.0824 will drag the parity down towards key supports at 7.07, 7.0525, 7.0459, 7.0285, 7.01, 7.0076, 6.9857 and 6.9510 marks respectively.
       
    • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
       
    • China’s Caixin manufacturing PMI stands at 50.1 vs 40.3 previous release (expected 45.0).

    We prefer to take long position in USD/CNY only above 7.1022, stop loss at 7.0790 and target of 7.1303/7.1515.

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