FxWirePro: USD/CNY slips as Yuan firms on stronger PBOC fix

• USD/ CNY slipped  lower on Thursday   as yuan firmed    as a stronger PBOC fix supported the yuan amid fresh U.S. tariff threats.

• China's July exports beat forecasts as manufacturers rushed shipments ahead of a looming U.S. tariff deadline.

•  China's exports rose 7.2% year-on-year in July, customs data showed on Thursday, beating a forecast 5.4%  .

•Imports grew 4.1%, defying economists' expectations for a 1.0% fall and climbing from a 1.1% rise in June.

•The spot yuan opened at 7.1830 and last traded at 7.1809 as of 0244 GMT, 27 pips firmer on the day but 0.65% weaker than the midpoint.

•Technical signals show the pair could lose more ground as RSI is up at 37, and 5, 9,11 DMA’s are trending south.

•  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 7.165(July 14th low) and break below could take the pair towards 7.151 (23.6%fib).

Recommendation: Good to sell around 7.180  with stop loss of 7.200 and target price of 7.160