FxWirePro: USD/CNY slips below 6.90 mark, hits lowest level since August 2019
USD/CNY is currently trading around 6.9011 marks. It made intraday high at 6.9192 and low at 6.8968 levels. Intraday bias remains bearish for the moment. A sustained close above 6.9170 marks will test key resistances at …
It made intraday high at 6.9192 and low at 6.8968 levels.
Intraday bias remains bearish for the moment.
A sustained close above 6.9170 marks will test key resistances at 6.9268, 6.9540, 6.97, 6.9867, 6.9957, 7.0168, 7.0388, 7.07 and 7.0920 marks respectively.
Alternatively, a daily close below 6.9170 will drag the parity down towards key supports at 6.88, 6.8662, 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 6.9050, stop loss at 6.9250 and target of 6.88/6.8662.
