FxWirePro: USD/CNY moves in rigid boundaries, downside limited
USD/CNY is currently trading around 7.1650 marks. It made intraday high at 7.1703 and low at 7.1618 levels. Intraday bias remains neutral for the moment. A sustained close above 7.1628 marks will test key resistances at …
It made intraday high at 7.1703 and low at 7.1618 levels.
Intraday bias remains neutral for the moment.
A sustained close above 7.1628 marks will test key resistances at 7.1877, 7.2095, 7.3645 and 7.58 marks respectively.
Alternatively, a daily close below 7.1503 will drag the parity down towards key supports at 7.1424, 7.12, 7.0927, 7.0707 and 7.0497 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 on USD/CNY only above 7.1703, stop loss at 7.1450 and target 7.2095.
