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FxWirePro:USD/CNY uptrend gains momentum but hurdles ahead

• USD/CNY strengthened on Thursday as the Chinese yuan weakened as investors assessed  the direction of U.S.-China trade negotiations.

• U.S. Treasury Secretary Scott Bessent will meet China's top economic official on May 10 in Switzerland to negotiate over a trade war that is affecting the global economy.

• The talks represent the first opportunity for both sides to ease tensions after a lengthy standoff over tariffs.

•Trump's unpredictable trade policies and unclear tariff implementation have put investors, consumers, and the U.S. Federal Reserve in a cautious wait-and-see stance.

• At GMT 10:22, the dollar was up 0.18% to 7.237 against the Chinese Yuan.

•  Immediate resistance is located at 7.239(50%fib), any close above will push the pair towards 7.255 (50%fib)

• Support is seen at 7.218(23.6%fib) and break below could take the pair towards 7.211(May 6th low).

Recommendation: Good to sell around 7.250, with stop loss of 7.300 and target price of 7.190

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