Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

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 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.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.