• USD/ CNY dipped on Monday as the yuan was lifted by robust export figures and indications of improving trade relations.
• Outbound shipments from the world’s second-largest economy rose 5.9% year-on-year, customs data showed on Monday, rebounding from a 1.1% contraction in October and outperforming the 3.8% growth forecast .
• Senior Chinese and U.S. officials held a call on Friday to discuss trade ties, including steps to implement an agreement aimed at defusing their long-running trade dispute.
• Investors are now turning their attention to China’s annual Central Economic Work Conference and a Politburo meeting later this month for hints on next year’s growth targets.
• Immediate resistance is located at 7.080 (38.2%fib), any close above will push the pair towards 7.089(SMA 20).
• Support is seen at 7.060(23.6%fib) and break below could take the pair towards 7.053 (Lower BB).
Recommendation: Good to sell around 7.070 with stop loss of 7.090 and target price of 7.050
