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 a…
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.
