• FxWirePro: USD/CNY hits fresh 5 – month high at 7.0829 Mark, further upside movement likely

    Source: FxWire Pro - Technicals / 19 Mar 2020 03:10:15   America/New_York

    • USD/CNY is currently trading around 7.0654 marks.
       
    • It made intraday high at 7.0829 and low at 7.0459 levels.
       
    • Intraday bias remains bullish till the time pair holds key support at 7.0285 mark.
       
    • A sustained close above 7.0814 marks will test key resistances at 7.0920, 7.1030, 7.1142, 7.1303 and 7.1515 marks respectively.
       
    • Alternatively, a daily close below 7.0459 will drag the parity down towards key supports at 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 7.06, stop loss at 7.0450 and target of 7.0920/7.1142.

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