- USD/CNY is currently trading around 7.0685 marks.
- It made intraday high at 7.0711 and low at 7.0562 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 7.0620 will drag the parity down towards key supports at 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.
Positioning is inconclusive at this point. We remain sideways for the time being.
