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• USD/CNY rose on Monday as the U.S. dollar strengthened amid renewed tariff concerns.
• Trump announced new 25% tariffs on all steel and aluminium imports into the U.S. later on Monday, along with reciprocal tariffs on Tuesday or Wednesday matching the rates levied by other countries.
• The move adds to concerns over a global trade war, as China's retaliatory duties on U.S. goods are set to take effect on Monday.
• At (GMT 09:23) dollar was trading up 0.02% at 7.227 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 7.272(61.8%fib).
Recommendation: Good to buy around 7.300 with stop loss of 7.250 and target price of 7.330
