FxWirePro: USD/CNY stabilizes below 7.00 mark, sustained close above requires for upside rally
USD/CNY is currently trading around 6.9809 marks. It made intraday high at 6.9864 and low at 6.9733 levels. Intraday bias remains slightly bullish till the time pair holds key support at 6.9550 mark. A sustained close ab…
It made intraday high at 6.9864 and low at 6.9733 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 6.9550 mark.
A sustained close above 6.9820 marks will test key resistances at 7.00, 7.0207, 7.0388, 7.07 and 7.0920 marks respectively.
Alternatively, a daily close below 6.9690 will drag the parity down towards key supports at 6.9550, 6.9210, 6.90, 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.
We prefer to take long position on USD/CNY around 6.98, stop loss at 6.9590 and target of 7.00/7.0207.
