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FxWirePro: USD/CNY downtrend extends, eyes support 38.2%

• USD/CNY weakened on Tuesday as robust Chinese economic data lifted the Chinese yuan.

• On Monday, China's economic data fueled optimism as retail sales growth accelerated in January-February, boosting domestic consumption efforts.

• The data indicates that China’s economy is strengthening, driven by a mix of proactive fiscal policies and moderate monetary easing.

• At GMT 08:23,the dollar was down 0.10% at 7.225 against Chinese Yuan .

•  Immediate resistance is located at 7.235(50%fib), any close above will push the pair towards 7.247 (61.8%fib)

• Support is seen at 7.224(38.2%fib) and break below could take the pair towards 7.215(Lower BB).

Recommendation: Good to sell  around  7.230 with stop loss of 7.270 and target price of 7.180

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