• USD/CNY dipped on Thursday as a steady midpoint guidance supported The Chinese currency.
• Fresh strikes in the Middle East and oil-driven inflation concerns continued to underpin safe-haven flows, leaving the U.S. currency hovering near a one-week high on Thursday.
• Prior to the market opening, the People's Bank of China set the midpoint rate at 6.7906 per dollar, its strongest since February 2023 and 194 .
• The fixing level has been consistently stronger in the last couple of weeks despite the broader dollar gains.
•The yuan is still about 0.1% stronger for the week, on track for its fourth straight week of gains.
• Immediate resistance is located at 6.775(38.2%fib), any close above will push the pair towards 6.782(SMA20)
• Support is seen at 6.760(Lower BB) and break below could take the pair towards 6.754(23.6%fib).
Recommendation: Good to sell around 6.770, with stop loss of 6.830 and target price of 6.720
