FxWirePro: USD/CNY reverses recent rally, bias back to downside remains

• USD/CNY declined on Tuesday as investors trimmed their dollar long positions amid U.S. recession fears, supporting the yuan.

• Trump's protectionist policies have unsettled global markets, with tariff actions against Canada, Mexico, and China triggering retaliatory measures.

• U.S. Commerce Secretary Howard Lutnick said on Sunday Trump would not let up pressure on tariffs on Mexico, Canada and China.

• Investors have been increasingly concerned about downside risks to global growth from tariffs, especially amid a string of weak U.S. economic data pointing to a slowdown in the world's largest economy.

• At GMT 08:23,the dollar was down 0.40% at 7.229 against Chinese Yuan .

•  Immediate resistance is located at 7.275(38.2%fib), any close above will push the pair towards 7.294(March 3rd high)

• Support is seen at 7.222(23.6%fib) and break below could take the pair towards 7.213(Lower BB).

Recommendation: Good to sell  around  7.230 with stop loss of 7.270 and target price of 7.180