FxWirePro: USD/CNY consolidates around 7.00 mark, sustained close above 7.0222 requires for upside rally

• USD/CNY is currently trading around 7.0131 marks.
   
• It made intraday high at 7.0171 and low at 7.0074 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 7.00 mark.
   
• A sustained close above 7.0222 marks will test key resistances at 7.0303, 7.0540 and 7.0920 marks respectively.
   
• Alternatively, a daily close below 7.0074 will drag the parity down towards key supports at 6.9765, 6.9525, 6.9297 and 6.88 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position on USD/CNY only below 7.0074, stop loss at 7.0222 and target of 6.9765/6.9525.