FxWirePro: USD/ CNY attracts selling interest, 23.6%fib eyed

• 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