FxWirePro: USD/CNY consolidates around 7.0388 mark, stay neutral
USD/CNY is currently trading around 7.0303 marks. It made intraday high at 7.0387 and low at 7.0286 levels. Intraday bias remains neutral for the moment. A sustained close above 7.0608 marks will test key resistances at …
It made intraday high at 7.0387 and low at 7.0286 levels.
Intraday bias remains neutral for the moment.
A sustained close above 7.0608 marks will test key resistances at 7.07, 7.0920, 7.1030 and 7.1477 marks respectively.
Alternatively, a daily close below 7.0280 will drag the parity down towards key supports at 7.0168, 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.
Positioning is inconclusive at this point. We remain sideways for the time being.
