FxWirePro: USD/CNY hovers around 7.00 mark, good to sell on rallies

• USD/CNY is currently trading around 7.0032 marks.
   
• It made intraday high at 7.0105 and low at 7.0009 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 7.0113 mark.
   
• A sustained close above 7.0097 marks will test key resistances at 7.0303, 7.0540 and 7.0920 marks respectively.
   
• Alternatively, a daily close below 6.9765 will drag the parity down towards key supports at 6.9525, 6.9297 and 6.88 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 short position on USD/CNY around 7.01, stop loss at 7.0120 and target of 6.9525.