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FxWirePro: USD/CNY breaks key resistance at 7.0303 mark, stay long

  • USD/CNY is currently trading around 7.0350 marks.
     
  • It made intraday high at 7.0444 and low at 7.0343 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 7.0180 mark.
     
  • A sustained close above 7.0343 marks will test key resistances at 7.0540, 7.07 and 7.0920 marks respectively.
     
  • Alternatively, a daily close below 7.0343 will drag the parity down towards key supports at 7.0180, 7.0074, 6.9765, 6.9525, 6.9297 and 6.88 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 prefer to take long position on USD/CNY around 7.03, stop loss at 7.0150 and target of 7.0540/7.07.

By Aarti Panchal
  • Market Data
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