FxWirePro: Chinese yuan trades almost flat against U.S. dollar, stay neutral
USD/CNY is currently trading around 6.8758 marks. It made intraday high at 6.8776 and low at 6.8709 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 6.8776 and low at 6.8709 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 6.8736 will drag the parity down towards key supports at 6.8649, 6.8492, 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.
We prefer to take short position on USD/CNY only below 6.8700, stop loss at 6.8924 and target of 6.8492.
