FxWirePro: USD/CNY hits 1-week low, scope for further downside

• USD/ CNY hit one week low   on Monday   as yuan firmed on   stronger-than-expected export data.

• China's exports picked up in June as firms rushed to complete orders under a fragile U.S. tariff truce, ahead of a looming deadline..

•  China’s exports rose 5.8% in June from a year earlier, surpassing the 5.0% forecast and May’s 4.8% growth, according to customs data released Monday.

• China’s imports rebounded 1.1% in June, recovering from May’s 3.4% drop but falling short of the expected 1.3% increase.

• Looking ahead, markets will focus on a batch of Chinese data due Tuesday, including retail sales, industrial output, and second-quarter GDP.

• At GMT 07:43,the dollar   was down 0.02% at 7.167  against Chinese Yuan.

•  Immediate resistance is located at 7.183 (38.2%fib), any close above will push the pair towards 7.192(Higher BB).

• Support is seen at 7.155(23.6%fib) and break below could take the pair towards 7.152 (Lower BB).

Recommendation: Good to sell around 7.170  with stop loss of 7.220 and target price of 7.140