FxWirePro: USD/ CNY pulls back from 7.310 peak, laying foundation for rebound

• USD/CNY declined  on Thursday  as China's yuan rebounded from a three-week low, boosted by peace hopes in Ukraine and a stronger daily fix from the PBOC.

• Optimism over a potential Ukraine-Russia peace deal supported riskier assets and kept the dollar weak, despite rising Treasury yields and hot inflation dampening hopes for U.S. policy easing this year.

•Meanwhile,Trump's advisers were reportedly finalizing plans to impose reciprocal tariffs on countries that levy duties on U.S. imports..

• At (GMT 11:41) dollar  was trading   down 0.21% at  7.292  against the Chinese yaun. 

•Technical signals are bullish  as RSI is  up at 65, moving averages are trending north

•  Immediate resistance is located at 7.310(23.6%fib), any close above will push the pair towards 7.333(23.6%fib).

• Support is seen at 7.290(50%fib) and break below could take the pair towards 7.273(61.8%fib).

Recommendation: Good to buy  around 7.285 with stop loss of 7.240 and target price of 7.330