FxWirePro: USD/CNY stabilizes above 7.05 mark, further sideways movement likely
USD/CNY is currently trading around 7.0571 marks. It made intraday high at 7.0733 and low at 7.0569 levels. Intraday bias remains neutral till the time pair holds key support at 7.0619 mark. A sustained close above 7.061…
It made intraday high at 7.0733 and low at 7.0569 levels.
Intraday bias remains neutral till the time pair holds key support at 7.0619 mark.
A sustained close above 7.0619 marks will test key resistances at 7.0750, 7.0822, 7.0905, 7.1022, 7.1142, 7.1267, 7.1303, 7.1428 and 7.1515 marks respectively.
Alternatively, a daily close below 7.0619 will drag the parity down towards key supports at 7.0427, 7.0285, 7.01, 7.0076, 6.9857 and 6.9510 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 short position in USD/CNY around 7.06, stop loss at 7.0750 and target of 7.0427/7.0285/7.01.
