FxWirePro: USD/CNY gains some upside momentum but still bearish

• USD/CNY firmed slightly Monday as investor nerves over Trump’s upcoming tariff decisions weighed on the yuan.

• President Trump said Sunday that the U.S. is nearing the finalization of several trade deals and will notify other nations of higher tariffs by July 9, with the new rates set to take effect on August 1.

•Trump in April announced a 10% base tariff rate on most countries and higher "reciprocal" rates ranging up to 50%, with an original deadline of this Wednesday.

• In addition to proposing tariffs as high as “60% or 70%,” Trump threatened an extra 10% tariff on countries backing BRICS nations like Brazil, Russia, India, and China, accusing the bloc of promoting “anti-American policies.”

• Given the ongoing unpredictability of U.S. trade policy, investors responded with measured caution.

•  Immediate resistance is located at 7.173 (SMA 20), any close above will push the pair towards 7.193(38.2%fib)

• Support is seen at 7.154(23.6%fib) and break below could take the pair towards 7.144 (Lower BB).

Recommendation: Good to sell around 7.180, with stop loss of 7.230 and target price of 7.130