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- 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 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.
