- USD/CNY is currently trading around 7.0760 marks.
- It made intraday high at 7.0808 and low at 7.0707 levels.
- Intraday bias remains neutral till the time pair holds key support at 7.0666 mark.
- A sustained close above 7.0913 marks will test key resistances at 7.0982, 7.1022, 7.1095 and 7.1266 marks respectively.
- Alternatively, a daily close below 7.0666 will drag the parity down towards key supports at 7.0525, 7.0449, 7.0319, 7.0285, 7.01, 7.0076, 6.9857 and 6.9510 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 long position in USD/CNY only above 7.09, stop loss at 7.0666 and target of 7.0982/7.1022.
