FxWirePro: USD/CNY edges higher but bulls lack punch

• USD/CNY edged  higher on  Friday as dollar firmed  on  renewed concerns over hostilities in the Middle East.

• President Donald Trump on Thursday vowed "major military punishment" against Iran and its Houthi allies after Yemen's Iran-backed Houthi movement attacked two Saudi oil tankers in the Red Sea, opening a dangerous new front in the Middle East conflict.

• Tariff concerns also kept traders on edge as the Trump administration prepared to impose new tariffs of 10% and 12.5% on goods from 60 trading partners, including China, on Friday over allegations of lax enforcement of forced labor bans.

• The yuan is up 3.2% so far this year, supported by robust export growth. However, its gains have moderated this month as a stronger U.S. dollar and weaker-than-expected Chinese economic data dampened investor sentiment.

•  Immediate resistance is located at 6.776(38.2%fib), any close above will push the pair towards 6.782(SMA 20)

• Support is seen at 6.769(Daily low) and break below could take the pair towards 6.758 (Lower BB).

Recommendation: Good to sell around 6.775, with stop loss of 6.830 and target price of 6.740