FxWirePro: Chinese yuan trades marginally lower, sustained close above 7.0457 targets 7.12 mark
USD/CNY is currently trading around 7.0412 marks. It made intraday high at 7.0518 and low at 7.0222 levels. Intraday bias remains slightly bullish for the moment. A sustained close above 7.0457 marks will test key resist…
It made intraday high at 7.0518 and low at 7.0222 levels.
Intraday bias remains slightly bullish for the moment.
A sustained close above 7.0457 marks will test key resistances at 7.0694, 7.12, 7.3645 and 7.58 marks respectively.
Alternatively, a daily close below 7.0240 will drag the parity down towards key supports at 6.9861, 6.9525, 6.9362, 6.8649 and 6.8492 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 on USD/CNY around 7.02, stop loss at 6.9861 and target of 7.12.
