• USD/ CNY steadied near 16 month high on Thursday as investors awaited key economic data from China.
• . China’s Q4 GDP, industrial production, retail sales, and unemployment rate updates are in focus, offering key insights into the country’s economic health.
• Threats of tariffs from US President-elect Donald Trump and differences in US and Chinese monetary policy have caused the Chinese currency to decline for ten weeks in a row.
• At GMT 09:50,the dollar was trading up 0.02 % at 7.331 against Chinese Yuan.
• Immediate resistance is located at 7.334 (23.6%fib), any close above will push the pair towards 7.345 (Higher BB).
• Support is seen at 7.318(38.2%fib) and break below could take the pair towards 7.312 (Jan 6th low).
Recommendation: Good to buy around 7.325 with stop loss of 7.260 and target price of 7.350
