FxWirePro: USD/CNY trades in narrow range, stay long only above 6.9050 mark
USD/CNY is currently trading around 6.8903 marks. It made intraday high at 6.8914 and low at 6.8809 levels. Intraday bias remains neutral till the time pair holds key support at 6.8835 mark. A sustained close above 6.905…
It made intraday high at 6.8914 and low at 6.8809 levels.
Intraday bias remains neutral till the time pair holds key support at 6.8835 mark.
A sustained close above 6.9050 marks will test key resistances at 6.9268, 6.9540, 6.97, 6.9867, 6.9957, 7.0168, 7.0388, 7.07 and 7.0920 marks respectively.
Alternatively, a daily close below 6.8835 will drag the parity down towards key supports at 6.8658, 6.84 and 6.8222 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 only above 6.9050, stop loss at 6.8800 and target of 6.9268.
