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• USD/ CNY edged higher on Monday as investors squared their positions on the last trading day before the week-long Golden Week holiday that starts on Tuesday.
•China's financial markets will be closed for the long break and trading will resume on Oct. 8.
• 13:15GMT, USD/CNY traded at 7.0125 per dollar, 14 pips weaker than the previous close of 7.0111 on Friday.
•Technical signals are bearish as RSI is trending lower, moving averages are trending down
• Immediate resistance is located at 7.030 (Sep 26th high), any close above will push the pair towards 7.048 (38.2%fib).
• Support is seen at 7.009(23.6%fib) and break below could take the pair towards 7.000 (Psychological level).
Recommendation: Good to sell around 7.012 with stop loss of 7.050 and target price of 6.990
