FxWirePro: USD/CNY edges higher but bulls lack punch

• USD/CNY edges higher on  Tuesday  a  China's yuan was pressured by sluggish July data and a softer central bank midpoint that pointed to policymakers' desire to slow the currency's recent gains.

• China’s economy lost momentum in early H2, with weaker industrial output and retail sales highlighting soft domestic demand and increasing pressure for more stimulus.

• The spot yuan   opened at 6.7440 per dollar and was last trading at 6.7439 as of, 22 pips lower than the previous late session close.

• The central bank has gradually strengthened the yuan’s daily fixing, but kept it weaker than market expectations, signaling a desire to control the pace of appreciation.

•Investors are also looking ahead to next week's Federal Reserve symposium at Jackson Hole for clues on how policymakers interpret the latest economic data.

•  Immediate resistance is located at 6.754(SMA20), any close above will push the pair towards 6.766(38.2%fib)

• Support is seen at 6.738(23.6%fib) and break below could take the pair towards 6.732(Lower BB).

Recommendation: Good to sell around 6.750 , with stop loss of 6.830 and target price of 6.700