FxWirePro: Chinese yuan trades marginally higher on robust house price data
USD/CNY is currently trading around 6.7202 marks. It made intraday high at 6.7293 and low at 6.7157 levels. Intraday bias remains slightly bearish for the moment. A sustained close above 6.7208 marks will test key resist…
It made intraday high at 6.7293 and low at 6.7157 levels.
Intraday bias remains slightly bearish for the moment.
A sustained close above 6.7208 marks will test key resistances at 6.7298, 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
Alternatively, a daily close below 6.7208 will drag the parity down towards key supports at 6.7028, 6.6963, 6.6849, 6.6650, 6.6540 and
6.62 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
PBOC sets yuan mid-point at 6.7167 / dlr vs last close 6.7240.
China Feb 2019 house prices yy increase to 10.4 % vs previous 10 %.
We prefer to take short position on USD/CNY around 6.7250, stop loss at 6.7305 and target of 6.7028/6.6849/6.6650.
