FxWirePro: USD/CNY edges higher but outlook still bearish

• USD/CNY edged higher on Friday as investors digested disappointing Chinese industrial profit data and assessed the implications of the latest U.S.-China trade development.

• Data showed China's industrial profits swung back into sharp decline in May from a year earlier, as factory activity slowed in the face of broader economic stress and a fragile trade truce with the United States.

• A White House official said Thursday that Washington and Beijing had struck a deal to expedite rare earth shipments to the U.S., as part of broader efforts to de-escalate their trade conflict.

• In commodities, oil prices were on track for a weekly decline as the Iran-Israel ceasefire held, easing concerns over potential supply disruptions from the Middle East.

• At GMT 05:56, the dollar was up 0.03% to 7.169 against the Chinese Yuan.

•  Immediate resistance is located at 7.180(SMA 20), any close above will push the pair towards 7.198(38.2%fib)

• Support is seen at 7.160(23.6%fib) and break below could take the pair towards 7.151 (Lower BB).

Recommendation: Good to sell around 7.170, with stop loss of 7.190 and target price of 7.140