USD/CNY is currently trading around 6.9353 marks. It made intraday high at 6.9415 and low at 6.9245 levels. Intraday bias remains slightly bullish till the time pair holds key support at 6.9210 mark. A sustained close ab…
It made intraday high at 6.9415 and low at 6.9245 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 6.9210 mark.
A sustained close above 6.9240 marks will test key resistances at 6.9450, 6.9525, 6.98, 6.9920, 7.0120 and 7.0388 marks respectively.
Alternatively, a daily close below 6.9210 will drag the parity down towards key supports at 6.90, 6.8788, 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. Current upside movement is short term trend correction only.
We prefer to take short position on USD/CNY only below 6.9210, stop loss at 6.9525 and target of 6.90/6.8788.
