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- USD/CNY is currently trading around 7.0734 marks.
- It made intraday high at 7.0826 and low at 7.0663 levels.
- Intraday bias remains bullish till the time pair holds key support at 7.0650 mark.
- A sustained close above 7.0663 marks will test key resistances at 7.0905, 7.0982 and 7.1022 marks respectively.
- Alternatively, a daily close below 7.0650 will drag the parity down towards key supports at 7.0525, 7.0449, 7.0319, 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 7.0700, stop loss at 7.0650 and target of 7.1022.
