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• USD/CNY steadied on Wednesday as investors focused on the outcome of the U.S. Federal Reserve's last policy meeting of 2024.
• The U.S. central bank is expected to lower interest rates by a quarter percentage point at its meeting ending later in the day.
• Focus will fall on policymakers' new economic projections for 2025 to be released alongside the decision, namely how much further Fed officials think they will reduce rates next year.
• At GMT 08.32,the dollar was up 0.01% at 7.285 against Chinese Yuan .
• Immediate resistance is located at 7.287(23.6%fib), any close above will push the pair towards 7.303(Higher BB)
• Support is seen at 7.266(Dec 13th low) and break below could take the pair towards 7.237(38.2%fib).
Recommendation: Good to buy around 7.280 with stop loss of 7.200 and target price of 7.350
