- 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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