FxWirePro: USD/CNY jumps above 7.11 mark, stay long
USD/CNY is currently trading around 7.1125 marks. It made intraday high at 7.1132 and low at 7.0892 levels. Intraday bias remains bullish till the time pair holds key support at 7.0459 mark. A sustained close above 7.109…
It made intraday high at 7.1132 and low at 7.0892 levels.
Intraday bias remains bullish till the time pair holds key support at 7.0459 mark.
A sustained close above 7.1095 marks will test key resistances at 7.1142, 7.1303 and 7.1515 marks respectively.
Alternatively, a daily close below 7.0459 will drag the parity down towards key supports at 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 7.10, stop loss at 7.07 and target of 7.1303/7.1515.
