FxWirePro: Chinese yuan falls gradually against U.S. dollar, stay bullish
USD/CNY is currently trading around 6.8852 marks. It made intraday high at 6.8907 and low at 6.8716 levels. Intraday bias remains bullish till the time pair holds key support at 6.8486 mark. A sustained close above 6.872…
It made intraday high at 6.8907 and low at 6.8716 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8486 mark.
A sustained close above 6.8728 marks will test key resistances at 6.90, 6.9150, 6.9297, 6.94, 6.9548 and 6.9750 marks respectively.
Alternatively, a daily close below 6.8728 will drag the parity down towards key supports at 6.8486, 6.8331, 6.8210, 6.80 and 6.7813 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 6.8800, stop loss at 6.8690 and target of 6.90/6.9150.
