FxWirePro: USD/CNY dips as weaker dollar gives bears some traction

• USD/CNY dipped slightly on Friday  as greenback softened ahead of the closely watched U.S. non-farm payrolls report due later in the day.

• Traders will be looking to the monthly U.S. jobs report due later in the session to confirm their expectations.  

• The U.S. Labor Department will report August nonfarm payrolls, with economists expecting a 75,000 rise, up from July’s 73,000 gain.

• Thursday’s data showed U.S. private payrolls lagged expectations in August, with jobless claims exceeding forecasts.

• At GMT 11:58, the dollar was down  0.05% to 7.137 against the Chinese Yuan.

•  Immediate resistance is located at 7.148(Sep 3rd high), any close above will push the pair towards 7.157(38.2%fib)

• Support is seen at 7.129(23.6%fib) and break below could take the pair towards 7.122 (Lower BB).

Recommendation: Be on sidelines