FxWirePro: USD/CNY enjoys roller coaster movement, sustained close below 7.0427 targets 7.0076 mark
USD/CNY is currently trading around 7.0655 marks. It made intraday high at 7.0722 and low at 7.0562 levels. Intraday bias remains slightly bullish till the time pair holds key support at 7.0427 mark. A sustained close ab…
It made intraday high at 7.0722 and low at 7.0562 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 7.0427 mark.
A sustained close above 7.0711 marks will test key resistances at 7.0822, 7.0905, 7.1022, 7.1142, 7.1267, 7.1303, 7.1428 and 7.1515 marks respectively.
Alternatively, a daily close below 7.0427 will drag the parity down towards key supports at 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 short position in USD/CNY around 7.07, stop loss at 7.0910 and target of 7.0285/7.01.
