FxWirePro: USD/ CNY loses momentum but outlook is bullish

• USD/ CNY eased from three-month high  as encouraging export data   outweighed worries about higher U.S. tariffs on Chinese goods after Donald Trump's presidential election win.

• China's outbound shipments grew at the fastest pace in over two years in October as factories rushed inventory to major export markets in anticipation of further tariffs from the U.S. and the European Union, as the threat of a two-front trade war looms.

• Trump has said he will impose tariffs of 60% or more on goods from China to boost U.S. manufacturing and will cut taxes.

• At GMT 06:01,the dollar   was down  0.05% at 7.174  against Chinese Yuan

•  Immediate resistance is located at 7.185 (23.6%fib), any close above will push the pair towards 7.191(Higher BB).

• Support is seen at 7.153(38.2%fib) and break below could take the pair towards 7.125 (50%fib).

Recommendation: Good to buy  around 7.173  with stop loss of 7.100  and target price of 7.200