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

• USD/CNY traded in tight range on Friday as investors stood sidelined awaiting more clarity on U.S. President Donald Trump's trade policy following conflicting court rulings on his sweeping tariffs.

• On Thursday, a federal appeals court temporarily reinstated the broadest set of tariffs imposed during the Trump administration, reversing a recent U.S. trade court ruling.

• Meanwhile , U.S. Treasury Secretary Scott Bessent said Thursday that trade talks with China have slowed and may require Trump and Xi’s direct involvement to finalize a deal.

•Market participants will closely monitor China’s May manufacturing activity data, due this Saturday, and the trade data scheduled for June 9. These releases are expected to provide vital clues from export figures, helping investors gain a clearer understanding of the overall health of China’s economy.

•  Immediate resistance is located at 7.206(38.2%fib), any close above will push the pair towards 7.229(50%fib)

• Support is seen at 7.178(23.6%fib) and break below could take the pair towards 7.168 (Lower BB).

Recommendation: Good to sell around 7.190 with stop loss of 7.260 and target price of 7.120