FxWirePro: USD/CNY stabilizes above 7.16 mark, sustained close above targets 7.2095 mark
USD/CNY is currently trading around 7.1590 marks. It made intraday high at 7.1638 and low at 7.1424 levels. Intraday bias remains bullish for the moment. A sustained close above 7.1503 marks will test key resistances at …
It made intraday high at 7.1638 and low at 7.1424 levels.
Intraday bias remains bullish for the moment.
A sustained close above 7.1503 marks will test key resistances at 7.1877, 7.2095, 7.3645 and 7.58 marks respectively.
Alternatively, a daily close below 7.1503 will drag the parity down towards key supports at 7.0927, 7.0707, 7.0497, 6.9861, 6.9525, 6.9362, 6.8649 and 6.8492 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 7.1550, stop loss at 7.0927 and target 7.2095.
