USD/CNY is currently trading around 6.9654 marks. It made intraday high at 6.9815 and low at 6.9559 levels. Intraday bias remains bearish till the time pair holds key resistance at 7.0000 mark. A sustained close above 6.…
It made intraday high at 6.9815 and low at 6.9559 levels.
Intraday bias remains bearish till the time pair holds key resistance at 7.0000 mark.
A sustained close above 6.9978 marks will test key resistances at 7.0207, 7.0388, 7.07 and 7.0920 marks respectively.
Alternatively, a daily close below 6.9720 will drag the parity down towards key supports at 6.9550, 6.9210, 6.90, 6.8658, 6.84 and 6.8222 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 6.9750, stop loss at 7.00 and target of 6.9210.
