FxWirePro: USD/CNY trades in narrow range despite China’s robust house price data

• USD/CNY is currently trading around 6.3330 marks.
   
• It made intraday high at 6.3365 and low at 6.3299 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 6.3299 marks.
   
• A sustained close above 6.3299 marks will test key resistances at 6.3326, 6.3515,  6.3625, 6.3855 and 6.4017 marks respectively.
   
• Alternatively, a daily close below 6.3299 will drag the parity down towards key supports at 6.3210, 6.3005, 6.2942, 6.2827, 6.2584, 6.2322, 6.2196 and 6.1907 marks respectively.
   
• PBOC sets yuan mid-point at 6.3320 / 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 house prices y/y increase to 5.2 % vs previous 5 %.

We prefer to take short position on USD/CNY only below 6.3299, stop loss at 6.3515 and target of 6.2942.

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