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FxWirePro: USD/CNY hits fresh 2 – week high at 7.0290 mark, stay long

  • USD/CNY is currently trading around 7.0245 marks.
     
  • It made intraday high at 7.0290 and low at 7.0213 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 7.00 mark.
     
  • A sustained close above 7.0245 marks will test key resistances at 7.0303, 7.0540 and 7.0920 marks respectively.
     
  • Alternatively, a daily close below 7.0245 will drag the parity down towards key supports at 7.0074, 6.9765, 6.9525, 6.9297 and 6.88 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to take long position on USD/CNY around 7.02, stop loss at 7.0074 and target of 7.0540.

By Aarti Panchal
  • Market Data
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