• USD/CNY steadied near four month high on Wednesday as investors weighed the potential impact of new U.S. tariffs.
• Trump announced that upon taking office in January, he would implement a 25% tariff on all products from Mexico and Canada, along with an additional 10% tariff on goods from China.
• China industrial profits in October dropped 10% compared to the previous year, following a 27.1% decline in September, according to official data released on Wednesday.
• At GMT 05:31,the dollar was up 0.08% at 7.257 against Chinese Yuan .
• Immediate resistance is located at 7.259(23.6%fib), any close above will push the pair towards 7.266(July 30th high)
• Support is seen at 7.239(SMA9) and break below could take the pair towards 7.224(38.2%fib).
Recommendation: Good to buy around 7.254 with stop loss of 7.200 and target price of 7.300
