USD/CNY is currently trading around 7.0337 marks. It made intraday high at 7.0399 and low at 7.0313 levels. Intraday bias remains neutral till the time pair holds key resistance at 7.0416 mark. A sustained close above 7.…
It made intraday high at 7.0399 and low at 7.0313 levels.
Intraday bias remains neutral till the time pair holds key resistance at 7.0416 mark.
A sustained close above 7.0388 marks will test key resistances at 7.0540, 7.07 and 7.0920 marks respectively.
Alternatively, a daily close below 7.0388 will drag the parity down towards key supports at 7.0262, 7.0180, 7.0074, 6.9765, 6.9525, 6.9297 and 6.88 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 long position on USD/CNY only above 7.0420, stop loss at 7.0250 and target of 7.0540/7.07.
