FxWirePro: Chinese yuan erases previous gain against U.S. dollar, good to buy on dips
USD/CNY is currently trading around 7.0956 marks. It made intraday high at 7.0995 and low at 7.0813 levels. Intraday bias remains bullish till the time pair holds key support at 7.0632 mark. A sustained close above 7.081…
It made intraday high at 7.0995 and low at 7.0813 levels.
Intraday bias remains bullish till the time pair holds key support at 7.0632 mark.
A sustained close above 7.0814 marks will test key resistances at 7.1152, 7.1476, 7.1548, 7.1877, 7.2095, 7.3645 and 7.58 marks respectively.
Alternatively, a daily close below 7.0814 will drag the parity down towards key supports at 7.0632, 7.0474, 7.0108, 6.97, 6.9297 and 6.88 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
We prefer to take long position on USD/CNY around 7.0920, stop loss at 7.08 and target 7.1152.
