FxWirePro: USD/CNY recovers some ground but bears are not done yet

• USD/CNY edged higher   on Tuesday as traders focused on this week's upcoming meeting of the U.S. Federal Reserve for clues to the path of interest rate policy.

• Federal Reserve policymakers will meet in Washington this week in what could be Jerome Powell’s final gathering as head of the U.S. central bank, with a rate decision due on Wednesday.r.

• The meeting comes against a backdrop of elevated energy prices and a prolonged Iran conflict, both of which are adding uncertainty to the inflation outlook and broader economic trajectory .

• Surging oil and persistent supply issues are pushing inflation risks higher, complicating the Fed’s next moves. Policymakers are expected to hold rates steady but signal caution.

• Prior to the market opening, the People's Bank of China set the midpoint rate   at 6.8589 a dollar, versus the previous session's 6.8579.

•  Immediate resistance is located at 6.836(SMA 20), any close above will push the pair towards 6.855(38.2%fib)

• Support is seen at 6.814 (23.6%fib) and break below could take the pair towards 6.790(Lower BB).

Recommendation: Good to sell around 6.830, with stop loss of 6.850 and target price of 6.815