- USD/CNY is currently trading around 7.0044 marks.
- It made intraday high at 7.0328 and low at 7.0011 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 7.0328 mark.
- A sustained close above 7.0282 marks will test key resistances at 7.0388, 7.0425, 7.05, 7.0670 and 7.1030 marks respectively.
- Alternatively, a daily close below 7.0282 will drag the parity down towards key supports at 6.9762, 6.9510, 9.94, 6.9240, 6.90 and 6.8788 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position in USD/CNY only below 6.9950, stop loss at 7.0330 and target of 6.9525/6.9240.
