FxWirePro: Chinese yaun rises on the back of higher than expected house price data

• USD/CNY is currently trading around 6.9342 marks.
   
• It made intraday high at 6.9504 and low at 6.9338 levels.
   
• Intraday bias remains bearish for the moment.
   
• A sustained close above 6.9499 marks will test key resistances at 6.9620, 6.9768, 6.9850, 6.9929 and 6.9980 marks respectively.
   
• Alternatively, a daily close below 6.9499 will drag the parity down towards key supports at 6.9320, 6.9210, 6.8894, 6.8670, 6.8420 and 6.8215 marks respectively.
   
• 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 6.9392 / dlr vs last close 6.9500.
   
• China Oct 2018 house prices yy increase to 8.6 % vs previous 7.9 %.

We prefer to take short position on USD/CNY around 6.9400, stop loss at 6.9510 and target of 6.9210.