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FxWirePro: USD/CNY consolidates around 7.0388 mark, stay neutral

  • USD/CNY is currently trading around 7.0303 marks.
     
  • It made intraday high at 7.0387 and low at 7.0286 levels.
     
  • Intraday bias remains neutral for the moment.
     
  • A sustained close above 7.0608 marks will test key resistances at 7.07, 7.0920, 7.1030 and 7.1477 marks respectively.
     
  • Alternatively, a daily close below 7.0280 will drag the parity down towards key supports at 7.0168, 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.

Positioning is inconclusive at this point. We remain sideways for the time being.

  • Market Data
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