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FxWirePro: USD/ CNY remains weak, eyes 7.000 level

• USD/ CNY inched lower on Thursday   as China's yuan gained strength supported by positive investor sentiment on a report that more stimulus could be rolled out.

• China's yuan has appreciated approximately 0.6% against the dollar this week, following Beijing's announcement   stimulus package  aimed at revitalizing the economy.  

• At GMT 04:59,the dollar   was down 0.18 % at 7.018 against Chinese Yuan.

•Technical signals are bearish  as RSI is   trending lower, moving averages are trending down

•  Immediate resistance is located at 7.030 (Daily high), any close above will push the pair towards 7.041 (38.2%fib).

• Support is seen at 7.016(23.6%fib) and break below could take the pair towards 7.000 (Psychological level).

Recommendation: Good to sell  around 7.020 with stop loss of 7.100  and target price of 7.000

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