FxWirePro: Chinese yuan falls gradually against U.S. dollar, stay long
USD/CNY is currently trading around 7.0966 marks. It made intraday high at 7.1007 and low at 7.0919 levels. Intraday bias remains bullish till the time pair holds key support at 7.0813 mark. A sustained close above 7.092…
It made intraday high at 7.1007 and low at 7.0919 levels.
Intraday bias remains bullish till the time pair holds key support at 7.0813 mark.
A sustained close above 7.0920 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 7.0920 will drag the parity down towards key supports at 7.0813, 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 7.0950, stop loss at 7.08 and target 7.1152/7.1476.
