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- USD/CNY is currently trading around 7.0962 marks.
- It made intraday high at 7.0989 and low at 7.0823 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 7.1057 mark.
- A sustained close above 7.1057 marks will test key resistances at 7.0920, 7.1142, 7.1303 and 7.1515 marks respectively.
- Alternatively, a daily close below 7.0949 will drag the parity down towards key supports at 7.0622, 7.0450, 7.0285, 7.01, 7.0076, 6.9857 and 6.9510 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 in USD/CNY around 7.10, stop loss at 7.08 and target of 7.1515.
