FxWirePro: USD/CNY stabilizes below 6.88 mark, faces key resistance at 6.8924 mark
USD/CNY is currently trading around 6.8738 marks. It made intraday high at 6.8768 and low at 6.8706 levels. Intraday bias remains slightly bearish for the moment. A sustained close above 6.8924 marks will test key resist…
It made intraday high at 6.8768 and low at 6.8706 levels.
Intraday bias remains slightly bearish 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 6.8649 will drag the parity down towards key supports at 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. Current downside movement is short term trend correction only.
We prefer to take long position on USD/CNY only above 6.8820, stop loss at 6.8649 and target of 6.8924/6.90/6.9150.
