FxWirePro: USD/CNY consolidates around 7.07 mark, further sideways movement likely
USD/CNY is currently trading around 7.0748 marks. It made intraday high at 7.0788 and low at 7.0706 levels. Intraday bias remains neutral for the moment. A sustained close above 7.0920 marks will test key resistances at …
It made intraday high at 7.0788 and low at 7.0706 levels.
Intraday bias remains neutral for the moment.
A sustained close above 7.0920 marks will test key resistances at 7.1152, 7.1476, 7.1548, 7.1877, 7.2095, 7.3645 and 7.58 marks respectively.
Alternatively, a daily close below 7.0674 will drag the parity down towards key supports at 7.0632, 7.0474, 7.0108, 6.97, 6.9297 and 6.88 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 on USD/CNY only below 7.0650, stop loss at 7.08 and target 7.0474/7.0108.
