• USD/CNY edged lower on Wednesday after the People's Bank of China set the midpoint rate at its strongest in more than three years
• Prior to the market opening, the People's Bank of China set the midpoint rate CNY=PBOC at 6.7899 per dollar, its strongest since February 10, 2023.
• Attention now shifts to the Fed's two-day policy meeting starting later on Tuesday, with investors watching for any hawkish tilt from policymakers over inflation concerns due to still-disrupted energy supply from the Middle East.
• Oil prices were back on the rise after the U.S. military said it intercepted multiple ballistic missiles launched by Iran towards U.S. forces in the Middle East.
• Immediate resistance is located at 6.778(38.2%fib), any close above will push the pair towards 6.785(July 13th high)
• Support is seen at 6.756(23.6%fib) and break below could take the pair towards 6.749 (Lower BB).
Recommendation: Good to sell around 6.770, with stop loss of 6.830 and target price of 6.720
