FxWirePro: USD/CNY steadies around 7.298, retails bid tone

• USD/CNY strengthened   on Thursday as widening yield differentials between the world's two largest economies continued to drag Chinese Yuan lower.

• Uncertainties around the Federal Reserve's pace of monetary easing has supported Treasury yields and widened their premium over Chinese counterparts.

• The gap between China's benchmark 10-year government bond yield and the U.S. 10-year yield has reached its widest point in 24 years.  

• At GMT 09.29,the dollar was up 0.04% at 7.298 against Chinese Yuan .

 •  Immediate resistance is located at 7.303(23.6%fib), any close above will push the pair towards 7.310(Higher BB)

• Support is seen at 7.285(Dec 19th low) and break below could take the pair towards 7.268(38.2%fib).

Recommendation: Good to buy around  7.290 with stop loss of 7.240  and target price of 7.340