FxWirePro: Chinese yuan falls noticeably against U.S. dollar, hits lowest level since May 2008
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 …
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.
