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FxWirePro: USD/CNY consolidates around 7.07 mark, further sideways movement likely

  • USD/CNY is currently trading around 7.0748 marks.
     
  • It made intraday high at 7.0788 and low at 7.0706 levels.
     
  • Intraday bias remains neutral for the moment.
     
  • A sustained close above 7.0920 marks will test key resistances at 7.1152, 7.1476, 7.1548, 7.1877, 7.2095, 7.3645 and 7.58 marks respectively.
     
  • Alternatively, a daily close below 7.0674 will drag the parity down towards key supports at 7.0632, 7.0474, 7.0108, 6.97, 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. Current downside movement is short term trend correction only.

We prefer to take short position on USD/CNY only below 7.0650, stop loss at 7.08 and target 7.0474/7.0108.

By Aarti Panchal
  • Market Data
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