FxWirePro: Chinese yuan trades almost flat after house price data

• USD/CNY is currently trading around 6.5471 marks.
   
• It made intraday high at 6.5525 and low at 6.5457 levels.
   
• Intraday bias remains neutral for the moment.
   
• A sustained close above 6.5499 marks will test key resistances at 6.5526, 6.5658, 6.5887, 6.6013, 6.6227, 6.6673 and 6.6735 marks respectively.
   
• Alternatively, a daily close below 6.5499 will drag the parity down towards key supports at 6.5371, 6.5205, 6.4829, 6.4772, 6.4510, 6.4429, 6.4345, 6.4119 and 6.4060 marks respectively.
   
• PBOC sets yuan mid-point at 6.5419/ dlr vs last close 6.5500.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• China August house prices y/y decrease to 8.3 % vs previous 9.7 %.


• All China August new home prices +0.2 pct m/m (vs +0.4 pct previous month).

We prefer to take short position in USD/CNY only below 6.5399, stop loss at 6.5526 and target of 6.5253.

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