FxWirePro: USD/CNY slips as Yuan recovers following weak U.S. jobs data

• USD/CNY slipped lower    on Monday  as China's yuan rebounded from an over two-month low following a weak U.S. jobs report and rising expectations of an earlier-than-anticipated Federal Reserve rate cut.

• U.S. job growth missed expectations in July, with prior payrolls revised down by 258,000, signaling labor market weakness and reviving September Fed cut hopes.

•The yuan fell last week as the U.S. dollar strengthened, while the PBOC used daily fixings to steady market sentiment.

• Market attention is set to shift toward a series of key domestic data releases this week, including trade and inflation figures, as investors seek fresh signals on the strength and trajectory of the Chinese economy.

•  Immediate resistance is located at 7.183(38.2%fib), any close above will push the pair towards 7.210(50%fib)

• Support is seen at 7.176 (SMA 20) and break below could take the pair towards 7.150 (23.6%fib).

Recommendation: Good to buy around 7.190 with stop loss of 7.200  and target price of 7.160