FxWirePro: USD/CNY maintains bullish bias with focus on 7.350

• USD/CNY strengthened   on Friday  as yuan weakened as comments from the China’s annual economic meeting failed to spark investor enthusiasm.

• According to a state media report from the Central Economic Work Conference held on December 11-12, China committed to increasing the budget deficit, issuing more debt, and easing monetary policy to support economic growth.

• Threats of tariffs from US President-elect Donald Trump and differences in US and Chinese monetary policy have caused the Chinese currency to decline for ten weeks in a row.

• At GMT 05.54,the dollar was up 0.14% at 7.278 against Chinese Yuan .

 •  Immediate resistance is located at 7.279(23.6%fib), any close above will push the pair towards 7.291(Higher BB)

• Support is seen at 7.258(Dec 12th low) and break below could take the pair towards 7.244(38.2%fib).

Recommendation: Good to buy around  7.270 with stop loss of 7.200  and target price of 7.350