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- USD/CNY is currently trading around 7.0600 marks.
- It made intraday high at 7.0905 and low at 7.0562 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 7.0910 mark.
- A sustained close above 7.0910 marks will test key resistances at 7.1022, 7.1142, 7.1267, 7.1303, 7.1428 and 7.1515 marks respectively.
- Alternatively, a daily close below 7.0611 will drag the parity down towards key supports at 7.0525, 7.0459, 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. Current downside movement is short term trend correction only.
We prefer to take short position in USD/CNY around 7.0650, stop loss at 7.0910 and target of 7.0525/7.0459/7.04.
