• USD/CNY recovered on Wednesday as dollar firmed slightly ahead upcoming U.S. economic data.
• U.S. gross domestic product in the second quarter is due later this week, along with the core personal consumption expenditures (PCE) index.
• The dollar recovered against Chinese Yuan. It was last up 0.09% at 7.130 At GMT 07:11.
• Technical signals are bearish as RSI is at 36, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 7.1291 (Daily high), any close above will push the pai
r towards 7.1396 (50%fib).
• Support is seen at 7.1163(23.6%fib) and break below could take the pair towards 7.1100 (Psychological level).
Recommendation: Good to sell around 7.1300 with stop loss of 7.1600 and target price of 7.1000
