FxWirePro: USD/CNY bears maintain upper hand

• USD/CNY  dipped to fresh 32-month low   on Friday as Yuan firmed  as investors bet on continued policy support for currency strength.

•China’s central bank on Thursday cut sector-specific interest rates to give the economy an early boost, signaling room for further cash reserve requirement reductions and broader rate cuts this year.

•  Yuan bulls also supported following Zou Lan’s remarks linking the currency’s rally to eased trade US –China tensions and a softer dollar.

• Prior to the market opening, the People's Bank of China set the midpoint rate   at 7.0078 per dollar, slightly off the 32-month peak seen in the previous session  .

•  Immediate resistance is located at 6.994 (SMA 20), any close above will push the pair towards 7.022(38.%fib)

• Support is seen at 6.964(23.6%fib) and break below could take the pair towards 6.954 (Lower  BB).

Recommendation: Good to sell around  6.965 with stop loss of 6.980 and target price of 6.950