FxWirePro: USD/CNY hits fresh 3 – month low at 6.9885 mark, stay short

• USD/CNY is currently trading around 6.9986 marks.
   
• It made intraday high at 7.0081 and low at 6.9904 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 7.0303 mark.
   
• A sustained close above 7.0081 marks will test key resistances at 7.0303, 7.0540, 7.0920, 7.1152, 7.1476 and 7.1548 marks respectively.
   
• Alternatively, a daily close below 7.0081 will drag the parity down towards key supports at 6.97, 6.9525, 6.9297 and 6.88 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position on USD/CNY around 7.00, stop loss at 7.0303 and target of 6.97/6.9525.