FxWirePro: USD/CNY hits fresh weekly high at 7.0826 mark, stay long
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 7.066…
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.
