FxWirePro: Chinese yuan falls gradually against U.S. dollar, stay long only above 6.9611 mark
USD/CNY is currently trading around 6.9453 marks. It made intraday high at 6.9577 and low at 6.9367 levels. Intraday bias remains slightly neutral till the time pair holds key resistance at 6.9611 mark. A sustained close…
It made intraday high at 6.9577 and low at 6.9367 levels.
Intraday bias remains slightly neutral till the time pair holds key resistance at 6.9611 mark.
A sustained close above 6.6365 marks will test key resistances at 6.9611, 6.98, 6.9920, 7.0120 and 7.0388 marks respectively.
Alternatively, a daily close below 6.9240 will drag the parity down towards key supports at 6.90, 6.8788, 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. Current upside movement is short term trend correction only.
We, at FxWirePro, prefer to take long position on USD/CNY only above 6.9611, stop loss at 6.9350 and target of 6.9920.
