FxWirePro: USD/CNY hits fresh 6 – day high at 6.9999 mark, consistent close above requires for upside rally
USD/CNY is currently trading around 6.9994 marks. It made intraday high at 6.9999 and low at 6.9806 levels. Intraday bias remains bullish till the time pair holds key support at 6.9650 mark. A sustained close above 7.00 …
It made intraday high at 6.9999 and low at 6.9806 levels.
Intraday bias remains bullish till the time pair holds key support at 6.9650 mark.
A sustained close above 7.00 marks will test key resistances at 7.0207, 7.0388, 7.07 and 7.0920 marks respectively.
Alternatively, a daily close below 6.9650 will drag the parity down towards key supports at 6.9550, 6.9210, 6.90, 6.8658, 6.84 and 6.8222 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 long position on USD/CNY around 6.9950, stop loss at 6.98 and target of 7.0207.
