FxWirePro: USD/CNY slides as dollar loses ground

• USD/CNY dipped on Thursday as the dollar weakened and markets assed U.S. President Donald Trump's ongoing assault on international trade.

• The U.S. dollar retreated from a two-week high on Thursday, pressured by strong demand at a 10-year Treasury note auction that pushed yields lower.

• Trump ramped up his tariff campaign Wednesday, imposing 50% duties on copper imports and Brazilian goods, effective August 1.

• Trump issued tariff notices to seven additional minor trade partners, adding to the 14 earlier this week, all set to take effect on August 1 unless deals are reached.

• At GMT 10:38,the dollar   was up 0.25% at 7.174  against Chinese Yuan.

•Technical signals show the pair could lose more ground as RSI is up at 47, and 5, 9,14 DMA’s are trending south.

•  Immediate resistance is located at 7.191(38.2%fib), any close above will push the pair towards 7.198(Higher BB)

• Support is seen at 7.156(23.6%fib) and break below could take the pair towards 7.149 (Lower BB).

Recommendation: Good to sell around 7.180, with stop loss of 7.230 and target price of 7.150