• USD/ CNY inched lower on Thursday as China's yuan gained strength supported by positive investor sentiment on a report that more stimulus could be rolled out.
• China's yuan has appreciated approximately 0.6% against the dollar this week, following Beijing's announcement stimulus package aimed at revitalizing the economy.
• At GMT 04:59,the dollar was down 0.18 % at 7.018 against Chinese Yuan.
•Technical signals are bearish as RSI is trending lower, moving averages are trending down
• Immediate resistance is located at 7.030 (Daily high), any close above will push the pair towards 7.041 (38.2%fib).
• Support is seen at 7.016(23.6%fib) and break below could take the pair towards 7.000 (Psychological level).
Recommendation: Good to sell around 7.020 with stop loss of 7.100 and target price of 7.000
