FxWirePro: USD/CNY back below 7.09 mark, bias remains slightly bearish
USD/CNY is currently trading around 7.0734 marks. It made intraday high at 7.0910 and low at 7.0659 levels. Intraday bias remains bearish till the time pair holds key resistance at 7.1057 mark. A sustained close above 7.…
It made intraday high at 7.0910 and low at 7.0659 levels.
Intraday bias remains bearish till the time pair holds key resistance at 7.1057 mark.
A sustained close above 7.1057 marks will test key resistances at 7.0920, 7.1142, 7.1303 and 7.1515 marks respectively.
Alternatively, a daily close below 7.0900 will drag the parity down towards key supports at 7.0622, 7.0450, 7.0285, 7.01, 7.0076, 6.9857 and 6.9510 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 in USD/CNY around 7.0750, stop loss at 7.0911 and target of 7.0622/7.0450.
