• USD/CNY languished near 14 month high on Thursday as concerns about Chinese economy, potential U.S. import tariffs under the Trump administration, and falling local yields dampened investor sentiment.
• With just over two weeks until the U.S. President-elect's Jan. 20 inauguration, investors were bracing for unpredictability in Trump's economic agenda and what that would mean for the global economy.
•Trump's talk of tariffs over 60% on Chinese imports, coupled with the Chinese government's growth-promoting policies, has complicated the outlook for an economy struggling to gain momentum.
• At GMT 08.59,the dollar was up 0.01% at 7.298 against Chinese Yuan .
• Immediate resistance is located at 7.300(23.6%fib), any close above will push the pair towards 7.316(Higher BB)
• Support is seen at 7.294(Dec 3stlow) and break below could take the pair towards 7.288(38.2%fib).
Recommendation: Good to buy around 7.290 with stop loss of 7.250 and target price of 7.350
