FxWirePro: USD/CNY touches 7.18 mark in early hours of Asia, stay long
USD/CNY is currently trading around 7.1821 marks. It made intraday high at 7.1837 and low at 7.1714 levels. Intraday bias remains bullish for the moment. A sustained close above 7.1715 marks will test key resistances at …
It made intraday high at 7.1837 and low at 7.1714 levels.
Intraday bias remains bullish for the moment.
A sustained close above 7.1715 marks will test key resistances at 7.1877, 7.2095, 7.3645 and 7.58 marks respectively.
Alternatively, a daily close below 7.1715 will drag the parity down towards key supports at 7.1424, 7.12, 7.0927, 7.0707 and 7.0497 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 7.1780, stop loss at 7.1650 and target 7.2095.
