FxWirePro: USD/CNY trades in narrow range, sustained close above 7.0285 requires for upside rally

• USD/CNY is currently trading around 7.0188 marks.
   
• It made intraday high at 7.0246 and low at 7.0124 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 7.0128 mark.
   
• A sustained close above 7.0285 marks will test key resistances at 7.0388, 7.0552, 7.07 and 7.0920 marks respectively.
   
• Alternatively, a daily close below 7.0128 will drag the parity down towards key supports at 6.9975, 6.98, 6.9649, 6.9550, 6.9210, 6.90, 6.8658, 6.84 and 6.8222 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 short position on USD/CNY only below 7.01, stop loss at 7.0285 and target of 6.9975/6.9649.