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- USD/CNY is currently trading around 7.0589 marks.
- It made intraday high at 7.0677 and low at 7.0565 levels.
- Intraday bias remains bearish for the moment.
- A sustained close above 7.0920 marks will test key resistances at 7.1152, 7.1476, 7.1548, 7.1877, 7.2095, 7.3645 and 7.58 marks respectively.
- Alternatively, a daily close below 7.0620 will drag the parity down towards key supports at 7.0474, 7.0108, 6.97, 6.9297 and 6.88 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position on USD/CNY around 7.0620, stop loss at 7.07 and target of 7.0474/7.02.
