• USD/CNY edged lower slightly on Wednesday as Yuan was lifted by firmer-than-expected official midpoint guidance.
•The People's Bank of China (PBOC) set the yuan's midpoint rate at 7.1991 per dollar, within a 2% trading band.
• The yuan has declined since Donald Trump's re-election as president last week. As part of his plan to revive American manufacturing, Trump has proposed imposing tariffs of 60% or higher on Chinese goods.
• At GMT 05:28,the dollar was down 0.10% at 7.223 against Chinese Yuan .
• Immediate resistance is located at 7.214(23.6%fib), any close above will push the pair towards 7.259 (Higher BB)
• Support is seen at 7.216(Daily low) and break below could take the pair towards 7.198(38.2%fib).
Recommendation: Good to buy around 7.220 with stop loss of 7.150 and target price of 7.280
