FxWirePro: USD/CNY consolidates around 7.0388 mark, stay long
USD/CNY is currently trading around 7.0427 marks. It made intraday high at 7.0437 and low at 7.0368 levels. Intraday bias remains bullish till the time pair holds key support at 7.0262 mark. A sustained close above 7.038…
It made intraday high at 7.0437 and low at 7.0368 levels.
Intraday bias remains bullish till the time pair holds key support at 7.0262 mark.
A sustained close above 7.0388 marks will test key resistances at 7.0540, 7.07 and 7.0920 marks respectively.
Alternatively, a daily close below 7.0262 will drag the parity down towards key supports at 7.0180, 7.0074, 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 long position on USD/CNY around 7.0380, stop loss at 7.0262 and target of 7.0540/7.07.
