USD/CNY is currently trading around 7.1124 marks. It made intraday high at 7.1303 and low at 7.1023 levels. Intraday bias remains bearish till the time pair holds key resistance at 7.1476 mark. A sustained close above 7.…
It made intraday high at 7.1303 and low at 7.1023 levels.
Intraday bias remains bearish till the time pair holds key resistance at 7.1476 mark.
A sustained close above 7.1476 marks will test key resistances at 7.1548, 7.1877, 7.2095, 7.3645 and 7.58 marks respectively.
Alternatively, a daily close below 7.1315 will drag the parity down towards key supports at 7.1023, 7.0621, 7.0497, 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 around 7.1180, stop loss at 7.1310 and target 7.0621.
