• FxWirePro: USD/CNY jumps above 7.11 Mark, stay long

    Source: FxWire Pro - Technicals / 29 Mar 2020 09:38:43   America/New_York

    • USD/CNY is currently trading around 7.1125 marks.
       
    • It made intraday high at 7.1132 and low at 7.0892 levels.
       
    • Intraday bias remains bullish till the time pair holds key support at 7.0459 mark.
       
    • A sustained close above 7.1095 marks will test key resistances at 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 7.10, stop loss at 7.07 and target of 7.1303/7.1515.

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