FxWirePro: USD/CNY hovers around 6.86 mark, faces key support at 6.8492
USD/CNY is currently trading around 6.8670 marks. It made intraday high at 6.8744 and low at 6.8576 levels. Intraday bias remains bearish for the moment. A sustained close above 6.8704 marks will test key resistances at …
It made intraday high at 6.8744 and low at 6.8576 levels.
Intraday bias remains bearish for the moment.
A sustained close above 6.8704 marks will test key resistances at 6.90, 6.9150, 6.9297, 6.94, 6.9548 and 6.9750 marks respectively.
Alternatively, a daily close below 6.8704 will drag the parity down towards key supports at 6.8492, 6.8331, 6.8210, 6.80 and 6.7813 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position in USD/CNY around 6.87, stop loss at 6.8870 and target of 6.8492/6.8331.
