FxWirePro: USD/CNY edges higher as yuan weakens on mixed China data

• USD/ CNY recovered from one week low   on Tuesday    as yuan weakened after mixed Chinese economic data.

• China’s economy slowed less than expected in Q2, showing resilience against U.S. tariffs. China's gross domestic product (GDP) grew 5.2% in the April-June quarter from a year earlier, slowing from 5.4% in the first quarter,

•  China’s exports rose 5.8% in June from a year earlier, surpassing the 5.0% forecast and May’s 4.8% growth, according to customs data released Monday.

• Industrial output, released by the National Bureau of Statistics (NBS), exceeded expectations with growth surpassing the forecasted 5.7%.

• China’s retail sales rose 4.8% in June, down from 6.4% in May and below the forecasted 5.4%, pointing to softer consumer demand.

• At GMT 05:58,the dollar   was up 0.09% at 7.171  against Chinese Yuan.

•  Immediate resistance is located at 7.175 (38.2%fib), any close above will push the pair towards 7.192(50%fib).

• Support is seen at 7.155(23.6%fib) and break below could take the pair towards 7.152 (Lower BB).

Recommendation: Good to sell around 7.175  with stop loss of 7.220 and target price of 7.140