FxWirePro: USD/CNY maintains bearish bias with focus on 7.170 level

• USD/CNY dipped on Thursday as Chinese Yuan firmed after data showed China May services activity grew  despite US tariff concerns.

• China’s services activity grew at a slightly faster pace in May, driven by stronger domestic demand as new orders rose more than in April.

• The Caixin/S&P Global Services PMI rose to 51.1 in May from 50.7 in April, indicating continued expansion in China's services sector as it remained above the 50-point threshold that separates growth from contraction.

• Meanwhile, market participants are closely monitoring the upcoming call between Trump and China’s Xi Jinping this week for any indications of future tariff decisions.

• At GMT 08:09, the dollar was down 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 7.175(23.6%fib) and break below could take the pair towards 7.166 (Lower BB).

Recommendation: Good to sell around 7.190, with stop loss of 7.230 and target price of 7.170