FxWirePro: USD/CNY remains highly volatile in early Asia, downside limited
USD/CNY is currently trading around 7.1030 marks. It made intraday high at 7.1266 and low at 7.0950 levels. Intraday bias remains neutral till the time pair holds key support at 7.0750 mark. A sustained close above 7.109…
It made intraday high at 7.1266 and low at 7.0950 levels.
Intraday bias remains neutral till the time pair holds key support at 7.0750 mark.
A sustained close above 7.1095 marks will test key resistances at 7.1142, 7.1267, 7.1303, 7.1428 and 7.1515 marks respectively.
Alternatively, a daily close below 7.0824 will drag the parity down towards key supports at 7.07, 7.0525, 7.0459, 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 7.0790 and target of 7.1515.
