FxWirePro: Chinese yuan falls as house price data misses expectations
USD/CNY is currently trading around 6.2865 marks. It made intraday high at 6.2896 and low at 6.2803 levels. Intraday bias remains bullish till the time pair holds key support at 6.2654 mark. A sustained close above 6.289…
It made intraday high at 6.2896 and low at 6.2803 levels.
Intraday bias remains bullish till the time pair holds key support at 6.2654 mark.
A sustained close above 6.2890 marks will test key resistances at 6.3068, 6.3158, 6.3210, 6.3320, 6.3515, 6.3625, 6.3855 and 6.4017 marks respectively.
Alternatively, a daily close below 6.2825 will drag the parity down towards key supports at 6.2725, 6.2654, 6.2584, 6.2419, 6.2322, 6.2196 and 6.1907 marks respectively.
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.
PBOC sets yuan mid-point at 6.2817 / dlr vs last close 6.2855.
China March house prices y/y decrease to 4.9 % vs previous 5.2 %.
We prefer to take long position on USD/CNY around 6.2850, stop loss 6.2700 and target of 6.3068.
