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FxWirePro: USD/CNY stabilizes above 7.09 mark, further upside movement likely

Monday, March 23, 2020 6:50 AM UTC

USD/CNY is currently trading around 7.0962 marks.
It made intraday high at 7.0989 and low at 7.0823 levels.
Intraday bias remains neutral till the time pair holds key resistance at 7.1057 mark.
A sustained close above 7.1057 marks will test key resistances at 7.0920, 7.1142, 7.1303 and 7.1515 marks respectively.
Alternatively, a daily close below 7.0949 will drag the parity down towards key supports at 7.0622, 7.0450, 7.0285, 7.01, 7.0076, 6.9857 and 6.9510 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 around 7.10, stop loss at 7.08 and target of 7.1515.

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FxWirePro: USD/CNY stabilizes above 7.09 mark, further upside movement likely

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