FxWirePro: Chinese yuan falls as China’s house price data fails to meet expectations
USD/CNY is currently trading around 6.8871 marks. It made intraday high at 6.8892 and low at 6.8701 levels. Intraday bias remains bullish till the time pair holds key support at 6.8701 marks. A sustained close above 6.87…
It made intraday high at 6.8892 and low at 6.8701 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8701 marks.
A sustained close above 6.8760 marks will test key resistances at 6.8915, 6.9010, 6.9080, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8760 will drag the parity down towards key supports at 6.8701, 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets yuan mid-point at 6.8612/ dlr vs last close 6.8847.
China April house prices y/y decrease to 10.7 % vs previous 11.3 %.
We prefer to take long position in USD/CNY around 6.8828, stop loss 6.8701 and target of 6.9048.
