FxWirePro: USD/CNY trades in narrow range, stay bullish only above 7.1350 mark
USD/CNY is currently trading around 7.1334 marks. It made intraday high at 7.1345 and low at 7.1287 levels. Intraday bias remains bullish for the moment. A sustained close above 7.1313 marks will test key resistances at …
It made intraday high at 7.1345 and low at 7.1287 levels.
Intraday bias remains bullish for the moment.
A sustained close above 7.1313 marks will test key resistances at 7.1548, 7.1877, 7.2095, 7.3645 and 7.58 marks respectively.
Alternatively, a daily close below 7.1301 will drag the parity down towards key supports at 7.1080, 7.0621, 7.0497, 7.0108, 6.97, 6.9297 and 6.88 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
Chinese industrial profit y/y Aug stands at -2.00 pct vs 2.6 pct previous release.
We prefer to take long position on USD/CNY only above 7.1350, stop loss at 7.1050 and target 7.1548/7.17.
