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Renminbi Series

©Econometrics LLC . All Rights Reserved.

Chinese yuan rises gradually against U.S. dollar, stay short

Friday, January 10, 2020 5:56 AM UTC

USD/CNY is currently trading around 6.9286 marks.
It made intraday high at 6.9492 and low at 6.9274 levels.
Intraday bias remains bearish till the time pair holds key resistance at 6.9540 mark.
A sustained close above 6.93 marks will test key resistances at 6.9540, 6.97, 6.9867, 6.9957, 7.0168, 7.0388, 7.07 and 7.0920 marks respectively.
Alternatively, a daily close below 6.93 will drag the parity down towards key supports at 6.9210, 6.9013, 6.88 and 6.8662 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position on USD/CNY around 6.9300, stop loss at 6.95 and target of 6.9210/6.9013/6.88.

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Renminbi Series

Chinese yuan rises gradually against U.S. dollar, stay short

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