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FxWirePro: USD/CNY hits fresh 3 – month low at 6.9885 mark, stay short

Wednesday, November 6, 2019 6:50 AM UTC

USD/CNY is currently trading around 6.9986 marks.
It made intraday high at 7.0081 and low at 6.9904 levels.
Intraday bias remains bearish till the time pair holds key resistance at 7.0303 mark.
A sustained close above 7.0081 marks will test key resistances at 7.0303, 7.0540, 7.0920, 7.1152, 7.1476 and 7.1548 marks respectively.
Alternatively, a daily close below 7.0081 will drag the parity down towards key supports at 6.97, 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.

We prefer to take short position on USD/CNY around 7.00, stop loss at 7.0303 and target of 6.97/6.9525.

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FxWirePro: GBP/NZD drops to one week low with plenty more downside potential

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FxWirePro: USD/CNY hits fresh 3 – month low at 6.9885 mark, stay short

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