FxWirePro: USD/CNY moves up initially, but eases as investors assess U.S.-China escalating trade risks

• USD/CNY initially rose but gave up some ground as   investors reacted to intensifying Sino-US trade tensions.

• U.S. President Donald Trump escalated the trade war with China on Wednesday, even as he reversed course on steep new reciprocal tariffs for most other trading partners.

•Trump raised tariffs on Chinese imports to 125%, up from the 104% rate that had just taken effect on Wednesday.

• Beijing may retaliate further after imposing 84% tariffs on U.S. imports Wednesday, mirroring Trump’s earlier tariff hike.

• At GMT 06:09, the dollar down  0.18% to 7.336 against the Chinese Yuan.

•  Immediate resistance is located at 7.353(23.6%fib), any close above will push the pair towards 7.359(Higher BB)

• Support is seen at 7.328(April 8th low),  and break below could take the pair towards 7.314(38.2%fib)

Recommendation: Good to buy around 7.330, with stop loss of 7.270 and target price of 7.380