FxWirePro: USD/CNY edges lower , bearish outlook persists

• USD/CNY edged lower on Tuesday  as   yuan firmed as fresh signs of escalating Middle East tensions were offset by robust trade data that helped stabilise market sentiment.

•The U.S. military carried out a third consecutive night of strikes against Iran on Monday as President Donald Trump reinstated a blockade of Iranian shipping and proposed charging a 20% fee to guard the Strait of Hormuz.

•  China's import and export data came in significantly better than market expectations, helping offset the impact of a broadly stronger greenback.

•China's exports surged in June, buoyed by demand for chips and data centre computing power to fuel the AI boom, giving policymakers grappling with how to boost domestic demand in the world's second-largest economy a much-needed buffer.

•Separately, market participants were anxiously awaiting second-quarter gross domestic product (GDP) and other activity indicators due on Wednesday that could offer a clearer picture of the wider economy.

•  Immediate resistance is located at 6.788(SMA20), any close above will push the pair towards 6.796(38.2%fib)

• Support is seen at 6.761(Lower BB) and break below could take the pair towards 6.751 (23.6%fib).

Recommendation: Good to sell around 6.780, with stop loss of 6.830 and target price of 6.760