FxWirePro: USD/CNY bears maintain upper hand

• USD/CNY  slipped  lower on Friday    as the greenback retreated following reports of a U.S.-Iran agreement to extend a Middle East ceasefire, lifting risk appetite in Asian currencies..

• The United States and Iran reached ​an agreement on Thursday to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz

•The proposed deal, still awaiting Trump’s approval, would extend the ceasefire by 60 days and reopen the Strait of Hormuz while negotiators address key issues including Iran’s nuclear program.

• Prior to the market opening, the People's Bank of China set the midpoint rate CNY=PBOC at 6.8176 per dollar, its strongest since February 14, 2023.

• The yuan is up 0.9% against the dollar so far this month, on track for a second consecutive monthly gain.

•  Immediate resistance is located at 6.778(Daily high), any close above will push the pair towards 6.798(38.2%fib)

• Support is seen at 6.767(23.6%fib) and break below could take the pair towards 6.760(Lower BB).

Recommendation: Good to sell around 6.780, with stop loss of 6.850 and target price of 6.750