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USD/CNY is currently trading around 6.9453 marks.
- It made intraday high at 6.9577 and low at 6.9367 levels.
- Intraday bias remains slightly neutral till the time pair holds key resistance at 6.9611 mark.
- A sustained close above 6.6365 marks will test key resistances at 6.9611, 6.98, 6.9920, 7.0120 and 7.0388 marks respectively.
- Alternatively, a daily close below 6.9240 will drag the parity down towards key supports at 6.90, 6.8788, 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. Current upside movement is short term trend correction only.
We, at FxWirePro, prefer to take long position on USD/CNY only above 6.9611, stop loss at 6.9350 and target of 6.9920.
