FxWirePro: USD/CNY stabilizes above 6.88 mark, stay long
USD/CNY is currently trading around 6.8838 marks. It made intraday high at 6.8840 and low at 6.8802 levels. Intraday bias remains bullish for the moment. A sustained close above 6.8924 marks will test key resistances at …
It made intraday high at 6.8840 and low at 6.8802 levels.
Intraday bias remains bullish for the moment.
A sustained close above 6.8924 marks will test key resistances at 6.90, 6.9150, 6.9297, 6.94, 6.9548 and 6.9750 marks respectively.
Alternatively, a daily close below 6.8700 will drag the parity down towards key supports at 6.8649, 6.8492, 6.8331, 6.8210, 6.80 and 6.7813 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 around 6.8810, stop loss at 6.87 and target of 6.8924/6.90.
