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FxWirePro: USD/CNY trades in narrow range, stay long

  • USD/CNY is currently trading around 7.0469 marks.
     
  • It made intraday high at 7.0479 and low at 7.0381 levels.
     
  • Intraday bias remains slightly bullish for the moment.
     
  • A sustained close above 7.0612 marks will test key resistances at 7.0694, 7.12, 7.3645 and 7.58 marks respectively.
     
  • Alternatively, a daily close below 7.0240 will drag the parity down towards key supports at 6.9861, 6.9525, 6.9362, 6.8649 and 6.8492 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 on USD/CNY around 7.0400, stop loss at 7.0312 and target 7.12.

By Aarti Panchal
  • Market Data
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