• USD/CNY eased slightly on Tuesday as investors awaited key trade data and monitored Sino-U.S. trade developments for direction.
• President Trump said Tuesday the U.S. is nearing a trade deal with China and could meet President Xi Jinping by year-end if an agreement is reached.
• Investors are closely watching China’s upcoming July trade figures, set for release on Thursday, to gauge the extent to which U.S. tariffs are affecting the country’s export performance.
• The figures are expected to provide key insights into the broader health of China’s external sector and the potential ripple effects on global trade amid heightened geopolitical tensions.
• At GMT 13:47, the dollar was down 0.01% to 7.182 against the Chinese Yuan.
• Immediate resistance is located at 7.189(38.2%fib), any close above will push the pair towards 7.209(Higher BB)
• Support is seen at 7.177(SMA20) and break below could take the pair towards 7.150 (3.6%fib).
Recommendation: Good to buy around 7.180, with stop loss of 7.170 and target price of 7.220
