- USD/CNY is currently trading around 7.0427 marks.
- It made intraday high at 7.05 and low at 7.0410 levels.
- Intraday bias remains slightly bearish till the time pair holds key resistance at 7.0502 mark.
- A sustained close above 7.0502 marks will test key resistances at 7.0619, 7.0750, 7.0822, 7.0905 and 7.1022 marks respectively.
- Alternatively, a daily close below 7.0502 will drag the parity down towards key supports at 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.
We prefer to take long position in USD/CNY only above 7.0560, stop loss at 7.0320 and target of 7.0750/7.0822.
