FxWirePro: USD/CNY outlook weaker on renewed downside pressure

• USD/CNY dipped on Friday as the yuan strengthened amid escalating U.S.-China trade tensions.

•The Trump administration doubled tariffs on all Chinese imports to 20% this week, prompting Beijing to retaliate with 10-15% tariffs on select U.S. goods.

• China's central bank Governor Pan Gongsheng reaffirmed on Thursday that the bank will maintain yuan stability and implement further monetary easing "at an appropriate time.

• The yuan has gained 0.5% against the dollar this month and 0.7% this year, supported by a weaker dollar, a higher PBOC midpoint, and delayed monetary easing.

• At GMT 11:45,the dollar was down 0.17% at 7.234 against Chinese Yuan .

 •  Immediate resistance is located at 7.256(38.2%fib), any close above will push the pair towards 7.287(50%fib)

• Support is seen at 7.230(23.6%fib) and break below could take the pair towards 7.216(Lower BB).

Recommendation: Good to sell around  7.240 with stop loss of 7.280 and target price of 7.180