FxWirePro: Chinese yuan trades marginally lower ahead of trade balance data
USD/CNY is currently trading around 6.9810 marks. It made intraday high at 6.9854 and low at 6.9703 levels. Intraday bias remains slightly bullish till the time pair holds key support at 6.9687 mark. A sustained close ab…
It made intraday high at 6.9854 and low at 6.9703 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 6.9687 mark.
A sustained close above 6.97 marks will test key resistances at 7.00, 7.0207, 7.0388, 7.07 and 7.0920 marks respectively.
Alternatively, a daily close below 6.9693 will drag the parity down towards key supports at 6.9550, 6.9210, 6.90, 6.8658, 6.84 and 6.8222 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
China will release trade balance data within a short period of time frame.
We prefer to take short position on USD/CNY around 6.9850, stop loss at 7.0070 and target of 6.9210.
