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• USD/CNY was little changed on Friday as investors remained on the sidelines ahead of US payrolls data.
• The focus will be on the U.S. non-farm payrolls report for November, due later in the day, as investors try to anticipate the pace of future Federal Reserve rate cuts.
• Payrolls are anticipated to have risen by 200,000 jobs last month, following a modest increase of just 12,000 in October, the smallest gain since December 2020. The unemployment rate is expected to have climbed to 4.2%.
• At GMT 08.54,the dollar was down 0.04% at 7.262 against Chinese Yuan .
• Immediate resistance is located at 7.273(Dec 5th high), any close above will push the pair towards 7.295(23.6%fib)
• Support is seen at 7.250(38.2%fib) and break below could take the pair towards 7.241(SMA 21).
Recommendation: Good to buy around 7.260 with stop loss of 7.200 and target price of 7.290
