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FxWirePro: USD/CNY trades flat near a 3-1/2-year , US inflation eyed

• USD/CNY  traded flat near a 3-1/2-year on Wednesday as markets treaded water ahead of U.S. inflation data.

• Market participants looked ahead to the U.S. July PCE report and the Jackson Hole symposium for further guidance on the Fed’s interest-rate path.

•Prior to the market opening, the People's Bank of China set the midpoint rate   at 6.7829 per dollar.

• The central bank has been gradually strengthening its daily yuan fixing, though the guidance remains weaker than market expectations.

• Prior to the market opening, the People's Bank of China set the midpoint rate   at 6.7829 per dollar.

• The yuan has gained 1.0% against the dollar this month and is up 4.1% so far this year, ranking among Asia’s best-performing currencies.

•  Immediate resistance is located at 6.740(SMA20), any close above will push the pair towards 6.752(38.2%fib)

• Support is seen at 6.717(23.6%fib) and break below could take the pair towards 6.709 (Lower BB).

Recommendation: Good to sell around 6.720, with stop loss of 6.730 and target price of 6.700

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