FxWirePro: USD/CNY slightly softer ahead of China trade data

• USD/CNY eased slightly on Tuesday  as investors awaited key trade data and monitored Sino-U.S. trade developments for direction.

• President Trump said Tuesday the U.S. is nearing a trade deal with China and could meet President Xi Jinping by year-end if an agreement is reached.

• Investors are closely watching China’s upcoming July trade figures, set for release on Thursday, to gauge the extent to which U.S. tariffs are affecting the country’s export performance.
 

• The figures are expected to provide key insights into the broader health of China’s external sector and the potential ripple effects on global trade amid heightened geopolitical tensions.

• At GMT 13:47, the dollar was down  0.01% to 7.182 against the Chinese Yuan.

•  Immediate resistance is located at 7.189(38.2%fib), any close above will push the pair towards 7.209(Higher BB)

• Support is seen at 7.177(SMA20) and break below could take the pair towards 7.150 (3.6%fib).

Recommendation: Good to buy  around 7.180, with stop loss of 7.170 and target price of 7.220