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FxWirePro: USD/CNY dips as yuan firms as investors await policy cues

• USD/CNY edged lower on  Tuesday  as   yuan firmed as investors turned their attention to a key policy meeting for clues on the currency's outlook.

•   Meeting of the Communist Party's Politburo, the country's top decision-making body, expected around the end of July.

•Policymakers are expected to set the economic policy agenda for the second half of the year, which could affect the yuan's outlook.

• Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate   at 6.7917 per dollar, 31 pips firmer than the previous setting of 6.7948.

•  Immediate resistance is located at 6.788(SMA 20), any close above will push the pair towards 6.796(38.2%fib)

• Support is seen at 6.753(23.6%fib) and break below could take the pair towards 6.746 (Lower BB).

Recommendation: Good to sell around 6.770, with stop loss of 6.830 and target price of 6.740

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