- USD/CNY is currently trading around 7.0312 marks.
- It made intraday high at 7.0350 and low at 6.9362 levels.
- Intraday bias remains bullish for the moment.
- A sustained close above 6.9730 marks will test key resistances at 7.0400, 7.12, 7.3645 and 7.58 marks respectively.
- Alternatively, a daily close below 6.9730 will drag the parity down towards key supports at 6.9362, 6.8649, 6.8492, 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 longt position on USD/CNY around 7.0111, stop loss at 6.9362 and target of 7.12.
