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FxWirePro: USD/CNY holds steady ahead of U.S.-China trade talks

• USD/ CNY steadied on Wednesday  as market awaiting signals from Beijing's ongoing policy meeting and progress in trade negotiations with Washington.

• Hopes for easing U.S.-China trade tensions grew after Trump said he expected to reach a fair deal with Xi Jinping.

• Investors are focused on Malaysia talks between U.S. Treasury Secretary Bessent and Chinese Vice Premier He Lifeng, which could ease trade tensions and lead to a possible Trump-Xi meeting later this month.

• Investors are also awaiting details from the plenum on the government’s economic, political, and social agenda, along with development plans for the next five years..

•  Immediate resistance is located at 7.124(SMA 20), any close above will push the pair towards 7.137(Higher BB).

• Support is seen at 7.111(Lower BB) and break below could take the pair towards 7.104(23.6%fib).

Recommendation: Good to sell around 7.125 with stop loss of 7.145  and target price of 7.115

 

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