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- USD/CNY is currently trading around 7.0350 marks.
- It made intraday high at 7.0444 and low at 7.0343 levels.
- Intraday bias remains bullish till the time pair holds key support at 7.0180 mark.
- A sustained close above 7.0343 marks will test key resistances at 7.0540, 7.07 and 7.0920 marks respectively.
- Alternatively, a daily close below 7.0343 will drag the parity down towards key supports at 7.0180, 7.0074, 6.9765, 6.9525, 6.9297 and 6.88 marks respectively.
- 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.
We prefer to take long position on USD/CNY around 7.03, stop loss at 7.0150 and target of 7.0540/7.07.
