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FxWirePro: USD/ CNY eases fron 16 month high as yuan gains on strong china data

• USD/ CNY eased from 16 month high  on Friday as investors reacted to stronger-than-expected data from China.

• China's economy expanded by 5.4% year-on-year in Q4, surpassing analysts' forecasts, according to official data released on Friday

• . On a quarterly basis, GDP grew 1.6.% in October-December, compared with a forecast 1.6% increase and a revised 1.3% gain in the previous quarter.

• At GMT 09:36,the dollar   was trading down 0.02 % at 7.328 against Chinese Yuan.

•  Immediate resistance is located at 7.333 (23.6%fib), any close above will push the pair towards 7.347 (Higher BB).

• Support is seen at 7.315(38.2%fib) and break below could take the pair towards 7.302 (50%fib).

Recommendation: Good to buy around  7.325 with stop loss of 7.260  and target price of 7.350

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