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• USD/CNY steadied around 7.240 level on Tuesday as concerns over potential US tariffs continue to cloud Chinese currency.
• The yuan has weakened amid fears that Donald Trump's return to the White House could lead to higher tariffs and strained U.S.-China trade relations.
• Bearish bets on the Chinese yuan hit their highest level since late June, as experts anticipate that U.S.-China trade could be disrupted by broader U.S. tariffs.
• At GMT 08:08,the dollar was up 0.06% at 7.240 against Chinese Yuan .
• Immediate resistance is located at 7.246(23.6%fib), any close above will push the pair towards 7.263 (Higher BB)
• Support is seen at 7.229(Daily low) and break below could take the pair towards 7.210 (38.2%fib).
Recommendation: Good to buy around 7.250 with stop loss of 7.180 and target price of 7.280
