FxWirePro: USD/CNY consolidates around 6.8750 mark, further sideways movement likely
USD/CNY is currently trading around 6.8750 marks. It made intraday high at 6.8787 and low at 6.8712 levels. Intraday bias remains neutral for the moment. A sustained close above 6.8924 marks will test key resistances at …
It made intraday high at 6.8787 and low at 6.8712 levels.
Intraday bias remains neutral for the moment.
A sustained close above 6.8924 marks will test key resistances at 6.90, 6.9150, 6.9297, 6.94, 6.9548 and 6.9750 marks respectively.
Alternatively, a daily close below 6.8700 will drag the parity down towards key supports at 6.8649, 6.8492, 6.8331, 6.8210, 6.80 and 6.7813 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 only below 6.8700, stop loss at 6.8924 and target of 6.8492.
