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FxWirePro: USD/CNY neutral in the near-term, scope for downward resumption 
- USD/SGD is currently trading around 1.3462 marks.
- It made intraday high at 1.3481 and low at 1.3436 levels.
- Intraday bias remains bearish till the time pair holds initial resistance at 1.3538 marks.
- A sustained close above 1.35 will test key resistances at 1.3538, 1.3605, 1.3660, 1.3732, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
- On the other side, a daily close below 1.3432 will drag the parity down towards key supports at 1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to go short on USD/SGD around 1.3465 with stop loss at 1.3538 and target of 1.3391/1.3347.
