FxWirePro: Chinese yuan falls as house price data fails to meet expectations
USD/CNY is currently trading around 6.6783 marks. It made intraday high at 6.6784 and low at 6.6729 levels. Intraday bias remains bullish till the time pair holds key support at 6.6675 mark. A sustained close above 6.675…
It made intraday high at 6.6784 and low at 6.6729 levels.
Intraday bias remains bullish till the time pair holds key support at 6.6675 mark.
A sustained close above 6.6754 marks will test key resistances at 6.6899, 6.7055, 6.7206, 6.7289, 6.7373, 6.7486, 6.7529, 6.7668 and 6.7776 marks respectively.
Alternatively, a daily close below 6.6754 will drag the parity down towards key supports at 6.6675, 6.6449, 6.6378 and 6.6220 marks respectively.
PBOC sets yuan mid-point at 6.6744/ dlr vs last close 6.6735.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
China’s July house prices y/y decrease to 9.7 % vs previous 10.2 %.
All China July year-on-year home prices growth slowest since August 2016.
We prefer to take long position in USD/CNY around 6.6730, stop loss at 6.6650 and target of 6.7055.
