- USD/CNY is currently trading around 7.0010 marks.
- It made intraday high at 7.0034 and low at 6.9857 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 6.9732 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 6.9732 will drag the parity down towards key supports at 6.9510, 9.94, 6.9240, 6.90 and 6.8788 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
We prefer to take long position in USD/CNY only above 7.0282, stop loss at 6.9732 and target of 7.05/7.0670.
