- 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 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.
