FxWirePro: USD/CNY exhibits range bound movement, short term trend reversal likely
USD/CNY is currently trading around 6.9686 marks. It made intraday high at 6.9732 and low at 6.9619 levels. Intraday bias remains slightly bullish till the time pair holds key support at 6.9591 mark. A sustained close ab…
It made intraday high at 6.9732 and low at 6.9619 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 6.9591 mark.
A sustained close above 6.9810 marks will test key resistances at 6.9867, 6.9957, 7.0168, 7.0388, 7.07 and 7.0920 marks respectively.
Alternatively, a daily close below 6.9591 will drag the parity down towards key supports at 6.9525, 6.9297, 6.88 and 6.8662 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to take long position on USD/CNY around 6.9650, stop loss at 6.9590 and target of 6.9867/6.9957.
