FxWirePro: USD/CNY edged lower as Yuan ticks up as trade US -China tensions ease

• USD/CNY dipped slightly on Monday as  yuan firmed slightly underpinned by easing Sino-U.S. trade tensions and on China's decision to keep its benchmark lending rates unchanged.

• Trump said he and Xi Jinping have made headway on a TikTok deal, with a face-to-face meeting scheduled in six weeks in South Korea to address trade, illicit drugs, and the ongoing conflict in Ukraine.

• China left its benchmark lending rates unchanged for the fourth straight month on Monday, maintaining a steady policy stance despite the Federal Reserve’s recent rate cut.

•Market participants will look for guidance from a Monday afternoon press conference, with Chinese financial regulators and central bank governor Pan Gongsheng expected to deliver key remarks on policy

• At GMT 06:45, the dollar was down  0.04% to 7.112 against the Chinese Yuan.

•  Immediate resistance is located at 7.128(SMA 20), any close above will push the pair towards 7.141(38.2%fb).

• Support is seen at 7.101(23.6%fib) and break below could take the pair towards 7.094(Lowe BB).

Recommendation: Good to sell around 7.105, with stop loss of 7.120 and target price of 7.090