FxWirePro: USD/CNY downside pressure builds, key support level in focus

• USD/CNY eased on Thursday  as dollar dipped as trader looked  upcoming  U.S. data and Fed Powell speech later in the day.  

• The   upcoming US data including the Producer Price Index (PPI), Jobless Claims, and Retail Sales, which are expected to offer fresh insights into the health of the U.S. economy and potential shifts in Federal Reserve policy.

• Market focus also turned to Fed Chair Powell’s address later on Thursday for further cues on the U.S. monetary policy outlook.

• Powell’s speech comes just a week after the Fed Chair signaled a steady policy stance, leaving interest rates unchanged and indicating no near-term adjustments amid persistent economic uncertainty.

• At GMT 05:32, the dollar was down 0.02% to 7.206 against the Chinese Yuan.

•  Immediate resistance is located at 7.215(38.2%fib), any close above will push the pair towards 7.235(50%fib)

• Support is seen at 7.201(May 14th low) and break below could take the pair towards 7.191 (23.6%fib).

Recommendation: Good to sell around 7.205 with stop loss of 7.240 and target price of 7.180