FxWirePro: USD/CNY trades in narrow range despite China’s robust house price data
USD/CNY is currently trading around 6.3330 marks. It made intraday high at 6.3365 and low at 6.3299 levels. Intraday bias remains neutral till the time pair holds key support at 6.3299 marks. A sustained close above 6.32…
It made intraday high at 6.3365 and low at 6.3299 levels.
Intraday bias remains neutral till the time pair holds key support at 6.3299 marks.
A sustained close above 6.3299 marks will test key resistances at 6.3326, 6.3515, 6.3625, 6.3855 and 6.4017 marks respectively.
Alternatively, a daily close below 6.3299 will drag the parity down towards key supports at 6.3210, 6.3005, 6.2942, 6.2827, 6.2584, 6.2322, 6.2196 and 6.1907 marks respectively.
PBOC sets yuan mid-point at 6.3320 / dlr.
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 Feb house prices y/y increase to 5.2 % vs previous 5 %.
We prefer to take short position on USD/CNY only below 6.3299, stop loss at 6.3515 and target of 6.2942.
