FxWirePro: USD/CNY gaining momentum for a move towards 7.320 level

• USD/CNY firmed on Monday   as investors carefully monitored   trade tensions between the world's two largest economies.

• Trump has claimed progress on trade with China and other countries, there is little evidence to support it, and Treasury Secretary Scott Bessent on Sunday did not confirm that talks with China were underway.

• Trump’s global trade war has rattled markets and raised recession fears, with rising tariffs threatening supply chains and multiple industries.

• The trade war adds pressure to China's economy, already strained by weak income gains and a troubled property market.

• On the data front, China's April manufacturing data is due on Wednesday for signs of any impact on the economy from U.S. President Donald Trump's 145% tariffs on Chinese goods.

• At GMT 10: 49, the dollar up 0. 16% to 7. 296 against the Chinese Yuan.

•  Immediate resistance is located at 7.300 (50%fib), any close above will push the pair towards 7.313 (22nd April high)

• Support is seen at 7.278 (61. 8%fib),  and break below could take the pair towards 7.267 (April 3rd low )

Recommendation: Good to buy around 7. 280, with stop loss of 7.250 and target price of 7.320