• USD/CNY hovered near one week low on Wednesday as investors awaited developments in U.S.-China trade talks.
• The White House announced on Monday that U.S. President Donald Trump and Chinese President Xi Jinping are expected to hold a conversation later this week.
• Market participants are closely watching for any signs of progress or breakthroughs that could ease the trade dispute, potentially impacting global markets and economic forecasts.
• The upcoming discussion is viewed as a critical opportunity to address key issues including tariffs, intellectual property rights, and bilateral trade balances.
• At GMT 05:16, the dollar was up 0.04% to 7.189 against the Chinese Yuan.
• Immediate resistance is located at 7.201(38.2%fib), any close above will push the pair towards 7.225(50%fib)
• Support is seen at 7.170(23.6%fib) and break below could take the pair towards 7.166 (Lower BB).
Recommendation: Good to sell around 7.200, with stop loss of 7.230 and target price of 7.170
