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FxWirePro: USD/CNY consolidates around 6.8750 mark, further sideways movement likely

  • USD/CNY is currently trading around 6.8750 marks.
     
  • It made intraday high at 6.8787 and low at 6.8712 levels.
     
  • Intraday bias remains neutral for the moment.
     
  • A sustained close above 6.8924 marks will test key resistances at 6.90, 6.9150, 6.9297, 6.94, 6.9548 and 6.9750 marks respectively.
     
  • Alternatively, a daily close below 6.8700 will drag the parity down towards key supports at 6.8649, 6.8492, 6.8331, 6.8210, 6.80 and 6.7813 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 short position on USD/CNY only below 6.8700, stop loss at 6.8924 and target of 6.8492.

By Aarti Panchal
  • Market Data
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