FxWirePro: USD/CNY back below 7.06 mark, sustained close below requires for downside rally
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 …
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.
