FxWirePro: USD/CNY trades flat at 7.05 mark, stay neutral
USD/CNY is currently trading around 7.0534 marks. It made intraday high at 7.0565 and low at 7.0498 levels. Intraday bias remains neutral till the time pair holds key support at 7.0368 mark. A sustained close above 7.060…
It made intraday high at 7.0565 and low at 7.0498 levels.
Intraday bias remains neutral till the time pair holds key support at 7.0368 mark.
A sustained close above 7.0608 marks will test key resistances at 7.07, 7.0920, 7.1030 and 7.1477 marks respectively.
Alternatively, a daily close below 7.0480 will drag the parity down towards key supports at 7.0180, 7.0074, 6.9765, 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 short position on USD/CNY only below 7.0480, stop loss at 7.06 and target of 7.0368/7.0168.
