FxWirePro: Chinese yuan falls in early hours of Asia after lower than expected house price data

• USD/CNY is currently trading around 6.8606 marks.
   
• It made intraday high at 6.8658 and low at 6.8402 levels.
   
• Intraday bias remains neutral for the moment.
   
• A sustained close above 6.8519 marks will test key resistances at 6.8739, 6.9080, 6.9162, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
   
• Alternatively, a daily close below 6.8519 will drag the parity down towards key supports at 6.8449, 6.8090 and 6.7769 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• PBOC sets Yuan mid-point at 6.8525/ dollar vs last close 6.8501.
   
• China’s December house prices y/y decreases to 12.4 % vs previous 12.6 %.                                                      

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.