FxWirePro: Chinese yaun trades marginally higher on robust house price data
USD/CNY is currently trading around 6.6814 marks. It made intraday high at 6.6895 and low at 6.6744 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 6.7050 mark. A sustained close…
It made intraday high at 6.6895 and low at 6.6744 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 6.7050 mark.
A sustained close above 6.6899 marks will test key resistances at 6.7050, 6.7167, 6.7310, 6.7444 and 6.7676 marks respectively.
Alternatively, a daily close below 6.6653 will drag the parity down towards key supports at 6.6518, 6.6340, 6.6170, 6.5989, 6.5758, 6.5500, 6.5340 and 6.5008 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
PBOC sets yuan mid-point at 6.6821 / dlr vs last close 6.6924.
China sets yuan mid-point at weakest since Aug 9, 2017.
China June house prices yy increase to 5 % vs previous 4.7 %.
We prefer to take short position on USD/CNY around 6.6850, stop loss 6.7050 and target of 6.6340.
