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FxWirePro: USD/CNY range bound, awaits fresh catalyst

• USD/CNY traded n tight range on  Friday  as investors anxiously awaited news on whether a tariff truce would be extended between the world's two largest economies.

• China faces tariffs over 100% and has until August 12 to reach a deal with the White House to avoid renewed import restrictions from earlier tariff escalations.

• The yuan traded in a tight range this week as markets awaited developments and evaluated U.S. trade deals with other nations.

• The yuan has gained 1.6% against the weakening dollar this year, as the central bank maintained stability against the greenback .

• At GMT 05:47, the dollar was up  0.01% to 7.181 against the Chinese Yuan.

•  Immediate resistance is located at 7.184(38.2%fib), any close above will push the pair towards 7.210(Higher BB)

• Support is seen at 7.178(SMA20) and break below could take the pair towards 7.167 (May 26th low).

Recommendation: Be on sidelines

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