FxWirePro: Chinese yuan falls as house prices data misses expectations

• USD/CNY is currently trading around 6.6127 marks.
   
• It made intraday high at 6.6135 and low at 6.6087 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.6065 mark.
   
• A sustained close above 6.6087 marks will test key resistances at 6.6210, 6.6326, 6.6405, 6.6464, 6.6510, 6.6615, 6.6673, 6.6735 and 6.6964 marks respectively
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• Alternatively, a daily close below 6.6087 will drag the parity down towards key supports at 6.6046, 6.5839, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
   
• PBOC sets yuan mid-point at 6.6162/ dlr vs last close 6.6080.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• China Nov 2017 house prices y/y decrease to 5.1 % vs previous 5.4 %.

We prefer to take long position on USD/CNY around 6.6100, stop loss 6.6040 and target of 6.6210/6.6323.

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