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- USD/CNY is currently trading around 7.00 marks.
- It made intraday high at 7.0089 and low at 6.9918 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 6.9765 mark.
- A sustained close above 6.9953 marks will test key resistances at 7.0303, 7.0540 and 7.0920 marks respectively.
- Alternatively, a daily close below 6.9765 will drag the parity down towards key supports at 6.9525, 6.9297 and 6.88 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 on USD/CNY around 7.00, stop loss at 6.9900 and target of 7.0303/7.0540.
