• 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
