FxWirePro: USD/CNY trades in narrow range, sustained close above 7.0612 requires for upside rally
USD/CNY is currently trading around 7.0555 marks. It made intraday high at 7.0596 and low at 7.0522 levels. Intraday bias remains neutral for the moment. A sustained close above 7.0612 marks will test key resistances at …
It made intraday high at 7.0596 and low at 7.0522 levels.
Intraday bias remains neutral for the moment.
A sustained close above 7.0612 marks will test key resistances at 7.0694, 7.12, 7.3645 and 7.58 marks respectively.
Alternatively, a daily close below 7.0223 will drag the parity down towards key supports at 6.9861, 6.9525, 6.9362, 6.8649 and 6.8492 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 only above 7.0612, stop loss at 7.0312 and target 7.12.
