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• USD/CNY dipped on Friday as Yuan firmed after the China’s central bank pledged fresh stimulus measures to boost economic growth.
• On Thursday, China’s central bank, the People’s Bank of China (PBoC), unveiled plans to introduce additional monetary measures to boost economic growth.
•These measures include potential interest rate cuts and efforts to stabilize the yuan, as the global economic environment remains challenging.
• China has been rolling out stimulus and support measures for its economy and markets. In February, Beijing held a meeting between Xi and business leaders that investors widely took as a positive signal.
• At GMT 08:25,the dollar was down 0.21% at 7.228 against Chinese Yuan .
• Immediate resistance is located at 7.247(50%fib), any close above will push the pair towards 7.266(61.8%fib)
• Support is seen at 7.227(38.2%fib) and break below could take the pair towards 7.211(Lower BB).
Recommendation: Good to sell around 7.230, with stop loss of 7.280 and target price of 7.200
