FxWirePro: Chinese yuan falls after China’s house price data
USD/CNY is currently trading around 6.8880 marks. It made intraday high at 6.8909 and low at 6.8799 levels. Intraday bias remains bullish till the time pair holds key support at 6.8750 mark. A sustained close above 6.879…
It made intraday high at 6.8909 and low at 6.8799 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8750 mark.
A sustained close above 6.8799 marks will test key resistances at 6.8962, 6.9037, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8799 will drag the parity down towards key supports at 6.8739, 6.8644, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets Yuan mid-point at 6.8849/dollar vs last close 6.8835.
China’s March house prices y/y decrease to 11.3 % vs previous 11.8 %.
We prefer to take long position in USD/CNY around 6.8820, stop loss at 6.8759 and target of 6.8993.
