FxWirePro: China’s yuan appreciates on robust house price data

• USD/CNY is currently trading around 6.9441 marks.
   
• It made intraday high at 6.9602 and low at 6.9395 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 6.96 mark. 
   
• A sustained close above 6.9570 marks will test key resistances at 6.9637, 6.9778 and 6.9883 marks respectively.
   
• On the other side, a daily close below 6.9570 will drag the parity down towards key supports at 6.9189, 6.8983, 6.8770, 6.8510, 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. Current downside movement is short term trend correction only.

• PBOC sets Yuan mid-point at 6.9312/ dollar vs last close 6.9510.
   
• China’s November house prices y/y increases to 12.6 % vs previous 12.3 %.

We prefer to go long on USD/CNY around 6.9400, stop loss at 6.9189 and target of 6.9637/6.9778.