FxWirePro: USD/CNY hits fresh 5 – month high at 7.0829 mark, further upside movement likely
USD/CNY is currently trading around 7.0654 marks. It made intraday high at 7.0829 and low at 7.0459 levels. Intraday bias remains bullish till the time pair holds key support at 7.0285 mark. A sustained close above 7.081…
It made intraday high at 7.0829 and low at 7.0459 levels.
Intraday bias remains bullish till the time pair holds key support at 7.0285 mark.
A sustained close above 7.0814 marks will test key resistances at 7.0920, 7.1030, 7.1142, 7.1303 and 7.1515 marks respectively.
Alternatively, a daily close below 7.0459 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 long position in USD/CNY around 7.06, stop loss at 7.0450 and target of 7.0920/7.1142.
