FxWirePro: Chinese yuan falls as house price data fails to meet expectations
USD/CNY is currently trading around 6.6350 marks. It made intraday high at 6.6384 and low at 6.6184 levels. Intraday bias remains bullish till the time pair holds key support at 6.6184 mark. A sustained close above 6.618…
It made intraday high at 6.6384 and low at 6.6184 levels.
Intraday bias remains bullish till the time pair holds key support at 6.6184 mark.
A sustained close above 6.6184 marks will test key resistances at 6.6388, 6.6550, 6.6673, 6.6735 and 6.6964 marks respectively.
Alternatively, a daily close below 6.6184 will drag the parity down towards key supports at 6.6064, 6.6010, 6.5884, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
PBOC sets yuan mid-point at 6.6205/ dlr vs last close 6.6195.
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 Sep house prices y/y decrease to 6.3 % vs previous 8.3 %.
We prefer to take long position in USD/CNY around 6.6320, stop loss at 6.6184 and target of 6.6550.
