FxWirePro: USD/CNY opens gap up at 7.0798 mark, stay long
USD/CNY is currently trading around 7.0883 marks. It made intraday high at 7.09 and low at 7.0798 levels. Intraday bias remains bullish till the time pair holds key support at 7.0710 mark. A sustained close above 7.0774 …
It made intraday high at 7.09 and low at 7.0798 levels.
Intraday bias remains bullish till the time pair holds key support at 7.0710 mark.
A sustained close above 7.0774 marks will test key resistances at 7.0905, 7.0982, 7.1022, 7.1095 and 7.1266 marks respectively.
Alternatively, a daily close below 7.0710 will drag the parity down towards key supports at 7.0650, 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.
PBoC sets yuan mid point at 7.0752 vs last close 7.0736 mark.
Pair opens gap up at 7.0798 mark vs previous close at 7.0720 mark.
We prefer to take long position in USD/CNY around 7.0850, stop loss at 7.0750 and target of 7.1022/7.1095.