FxWirePro: Chinese yuan remains almost unchanged ahead of trade balance data
USD/CNY is currently trading around 6.8708 marks. It made intraday high at 6.8733 and low at 6.8679 levels. Intraday bias remains neutral for the moment. A sustained close above 6.8924 marks will test key resistances at …
It made intraday high at 6.8733 and low at 6.8679 levels.
Intraday bias remains neutral for the moment.
A sustained close above 6.8924 marks will test key resistances at 6.90, 6.9150, 6.9297, 6.94, 6.9548 and 6.9750 marks respectively.
Alternatively, a daily close below 6.8492 will drag the parity down towards key supports at 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. Current downside movement is short term trend correction only.
We prefer to take long position on USD/CNY only above 6.8870, stop loss at 6.8650 and target of 6.9150.
