• USD/CNY edged lower from a three-month high on Friday as traders responded to a fresh wave of Chinese economic data.
•Official data showed that retail sales increased by a stronger-than-expected 4.8% in October, but industrial output growth fell short of expectations, and property investment deepened..
• Data is likely to maintain pressure on Chinese authorities as they prepare for the return to the White House of Donald Trump, who has threatened to increase taxes on Chinese exports.
• At (GMT 08:38) Chinese Yuan was trading up 0.02% at 7.227 against the U.S. dollar.
•Technical signals are bullish as RSI is up at 65, moving averages are trending north
• Immediate resistance is located at 7.248(23.6%fib), any close above will push the pair towards 7.266 (Higher BB).
• Support is seen at 7.221(Nov 14th low) and break below could take the pair towards 7.210(50%fib).
Recommendation: Good to buy around 7.220 with stop loss of 7.160 and target price of 7.280
