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FxWirePro: USD/CNY gains some ground but bearish outlook persists 
- USD/INR is currently trading around 71.01 marks.
- It made intraday high at 71.13 and low at 70.98 marks
- Intraday bias remains neutral till the time pair holds key support at 70.78 mark.
- Key resistances are seen at 71.20, 71.48 and 71.86 marks respectively.
- On the other side, initial supports are seen at 70.78, 70.23, 69.87, 69.62, 69.35, 69.02, 68.65 and 68.15 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- India’s NSE Nifty was trading around 0.20 percent lower at 10,640.58 points while BSE Sensex was trading 0.20 points lower at 35,590.55 points.
We prefer to take short position on USD/INR only below 70.78, stop loss at 71.20 and target of 70.23.
