- USD/CNY is currently trading around 6.9809 marks.
- It made intraday high at 6.9864 and low at 6.9733 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 6.9550 mark.
- A sustained close above 6.9820 marks will test key resistances at 7.00, 7.0207, 7.0388, 7.07 and 7.0920 marks respectively.
- Alternatively, a daily close below 6.9690 will drag the parity down towards key supports at 6.9550, 6.9210, 6.90, 6.8658, 6.84 and 6.8222 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take long position on USD/CNY around 6.98, stop loss at 6.9590 and target of 7.00/7.0207.