FxWirePro: Chinese yuan falls in early Asia, good to buy on dips
USD/CNY is currently trading around 7.0524 marks. It made intraday high at 7.0549 and low at 7.0449 levels. Intraday bias remains slightly bullish till the time pair holds key support at 7.04 mark. A sustained close abov…
It made intraday high at 7.0549 and low at 7.0449 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 7.04 mark.
A sustained close above 7.0502 marks will test key resistances at 7.0619, 7.0750, 7.0822, 7.0905 and 7.1022 marks respectively.
Alternatively, a daily close below 7.0461 will drag the parity down towards key supports at 7.0319, 7.0285, 7.01, 7.0076, 6.9857 and 6.9510 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 in USD/CNY around 7.0500, stop loss at 7.04 and target of 7.0625/7.0750/7.0822.
