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FxWirePro: USD/ CNY attracts selling interest, vulnerable to more downside

• USD/CNY declined on Tuesday as Beijing's surprise shift in its monetary policy stance toward more easing bolstered Chinese yuan • China's Politburo announced on Monday plans for an "appropriately loose" monetary policy…

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FxWirePro: USD/ CNY attracts selling interest, vulnerable to more downside
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• USD/CNY declined on Tuesday as Beijing's surprise shift in its monetary policy stance toward more easing bolstered Chinese yuan  

• China's Politburo announced on Monday plans for an "appropriately loose" monetary policy next year, the first easing in 14 years.

• The market interpreted the announcement as a signal that China's leaders are more focused on tackling ongoing economic challenges and mitigating the impact of potential U.S. tariffs.

• At GMT 15:27,the dollar   was down 0.13% at 7.250 against Chinese Yuan.

•  Immediate resistance is located at 7.262 (Daily high), any close above will push the pair towards 7.280(Higher BB).

• Support is seen at 7.242 (38.2%fib) and break below could take the pair towards 7.218 (Lower BB).

Recommendation: Good to sell around 7.260 with stop loss of 7.360 and target price of 7.200

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