FxWirePro: USD/ CNY edges higher but outlook still bearish

• USD/ CNY edged higher on Friday as China's yuan   weakened  slightly as traders took profits after stimulus-fueled rally.

• After Tuesday's policy easing announcement, China's Politburo signaled on Thursday a shift toward a more supportive and coordinated economic policy approach.  

•The yuan has risen 0.5% this week against dollar, reaching its strongest level since May 2023, and is now up 1.2% for the year.

• At GMT 04:21,the dollar   was up 0.04 % at 7.012 against Chinese Yuan.

•Technical signals are bearish  as RSI is   trending lower, moving averages are trending down

•  Immediate resistance is located at 7.020 (Daily high), any close above will push the pair towards 7.041 (38.2%fib).

• Support is seen at 7.011(23.6%fib) and break below could take the pair towards 7.000 (Psychological level).

Recommendation: Good to sell  around 7.015 with stop loss of 7.050  and target price of 7.000