FxWirePro: USD/CNY takes halt around 6.99 mark, short term trend reversal likely

• USD/CNY is currently trading around 7.0121 marks.
   
• It made intraday high at 7.0189 and low at 6.9976 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.99 mark.
   
• A sustained close above 7.0300 marks will test key resistances at 7.0540, 7.0920, 7.1152, 7.1476 and 7.1548 marks respectively.
   
• Alternatively, a daily close below 6.9967 will drag the parity down towards key supports at 6.97, 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.

We prefer to take long position on USD/CNY around 7.00, stop loss at 6.9950 and target of 7.0540.