FxWirePro: Chinese yuan remains volatile after industrial profit data
USD/CNY is currently trading around 7.0790 marks. It made intraday high at 7.0818 and low at 7.0699 levels. Intraday bias remains slightly bullish till the time pair holds key support at 7.0666 mark. A sustained close ab…
It made intraday high at 7.0818 and low at 7.0699 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 7.0666 mark.
A sustained close above 7.0812 marks will test key resistances at 7.0982, 7.1022, 7.1095 and 7.1266 marks respectively.
Alternatively, a daily close below 7.0666 will drag the parity down towards key supports at 7.0525, 7.0449, 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.
China’s industrial profit y/y stands at -34.9 vs -6.30 previous release.
We prefer to take long position in USD/CNY only above 7.0820, stop loss at 7.0690 and target of 7.1022.
