FxWirePro: USD/CNY back below 7.02 mark, good to sell on rallies
USD/CNY is currently trading around 7.0134 marks. It made intraday high at 7.0293 and low at 7.0082 levels. Intraday bias remains bearish till the time pair holds key resistance at 7.04 mark. A sustained close above 7.02…
It made intraday high at 7.0293 and low at 7.0082 levels.
Intraday bias remains bearish till the time pair holds key resistance at 7.04 mark.
A sustained close above 7.0285 marks will test key resistances at 7.0388, 7.0552, 7.07 and 7.0920 marks respectively.
Alternatively, a daily close below 6.9975 will drag the parity down towards key supports at 6.98, 6.9649, 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 up and confirms the bullish trend in a daily chart.
We prefer to take short position on USD/CNY around 7.0150, stop loss at 7.04 and target of 6.9649.
