FxWirePro: Chinese yuan appreciates against U.S. dollar, consistent close below 6.9690 mark targets 6.9210 mark
USD/CNY is currently trading around 6.9682 marks. It made intraday high at 6.9843 and low at 6.9672 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 6.9850 mark. A sustained close…
It made intraday high at 6.9843 and low at 6.9672 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 6.9850 mark.
A sustained close above 6.9820 marks will test key resistances at 7.00, 7.0207, 7.0388, 7.07 and 7.0920 marks respectively.
Alternatively, a daily close below 6.9690 will drag the parity down towards key supports at 6.9550, 6.9210, 6.90, 6.8658, 6.84 and 6.8222 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position on USD/CNY around 6.9750, stop loss at 6.9850 and target of 6.9210.
