FxWirePro: USD/CNY slips as strong China exports data Lift yuan

• USD/CNY eased modestly on  Friday  as China's yuan rose after stronger-than-expected July export data..

• July domestic exports climbed 23.9% from a year earlier in U.S. dollar value, slowing from the 27% growth recorded in June while beating the 22.2% increase expected by economists surveyed by Reuters..

• Alongside developments in the domestic economy, market participants are closely watching U.S. employment data due later today for insights into the Fed's policy outlook..

• Prior to the market opening, the People's Bank of China set the midpoint rate  at 6.7904 per dollar, 356 pips weaker than a Reuters' estimate

• China's yuan has gained 0.6% versus the dollar in August and has climbed 3.7% this year, driven by a strong export performance and a softer greenback.

•  Immediate resistance is located at 6.762(SMA20), any close above will push the pair towards 6.766(38.2%fib)

• Support is seen at 6.745(23.6%fib) and break below could take the pair towards 6.738 (Lower BB).

Recommendation: Good to sell around 6.750, with stop loss of 6.800 and target price of 6.720