FxWirePro: Chinese yaun trades marginally lower despite higher than expected house price data

• USD/CNY is currently trading around 6.7245 marks.
   
• It made intraday high at 6.7337 and low at 6.7194 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 6.7194 marks.
   
• A sustained close above 6.7194 marks will test key resistances at 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
   
• Alternatively, a daily close below 6.7194 will drag the parity down towards key supports at 6.6894, 6.6722, 6.6650, 6.6540 and 6.62 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• PBOC sets yuan mid-point at 6.7151 / dlr vs last close 6.7198.
   
• China Jan 2019 house prices yy increase to 10 % vs previous 9.7 %.

We prefer to take short position on USD/CNY only below 6.7194, stop loss at 6.7422 and target of 6.6894/6.6722.