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FxWirePro: USDCNY consolidating around 7.292, room for further gains

• USD/CNY steadied around 7.292 on Thursday as   concerns over escalating U.S.-China trade tensions beginning to ease.

•China imposed targeted tariffs on U.S. imports on Tuesday and warned several companies, including Google, of potential sanctions in a measured response to Trump's tariffs.

•Trump said Tuesday he was in no hurry to speak with Chinese President Xi Jinping as the tariff took effect.

• Beijing's limited response to Trump's 10% tariff on all Chinese imports highlighted China's effort to engage Trump in talks and avoid a full-blown trade war between the world's two largest economies.

• At GMT 08:46,the dollar was up 0.25% at 7.292 against Chinese Yuan .

 •  Immediate resistance is located at 7.300(Psychological level), any close above will push the pair towards 7.322(23.6%fib)

• Support is seen at 7.282(50%fib) and break below could take the pair towards 7.264(61.8%fib).

Recommendation: Good to buy around  7.285 with stop loss of 7.240  and target price of 7.320

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