FxWirePro: USD/CNY neutral in the near-term, scope for downward resumption

• USD/CNY dipped on Friday  as investors awaited weekend U.S.-China tariff talks for signs of easing trade tensions.

• Beijing and Washington officials will meet in Switzerland on Saturday, with markets hoping for progress toward ending the trade war.

• On April 2, Trump imposed 10% "reciprocal tariffs," sparing most nations but targeting China with 145% levies, sparking a prolonged trade battle that shook markets and disrupted supply chains.

•Meanwhile, markets showed little reaction to China's April trade data, which saw stronger exports and smaller import declines, offering some relief ahead of U.S. talks..

• At GMT 09:55, the dollar was up 0.02% to 7.226 against the Chinese Yuan.

•  Immediate resistance is located at 7.258(50%fib), any close above will push the pair towards 7.271 (May 6th high)

• Support is seen at 7.237 (38.2%fib) and break below could take the pair towards 7.209(23.6%fib).

Recommendation: Good to sell around 7.240, with stop loss of 7.280 and target price of 7.190