FxWirePro USD/CNY stuck in range but maintains bullish bias

• USD/CNY traded in tight on Thursday  after the PBOC again set a firmer-than-expected fix, aiming to cushion the yuan due to market volatility.

•Currency markets   were on edge  amid speculation over Federal Reserve Chair Jerome Powell's future.

• Investor sentiment turned cautious amid speculation regarding the tenure of Federal Reserve Chair Jerome Powell, following reports that President Trump was likely to dismiss him.

•  Despite Trump’s remarks suggesting Powell’s job is likely safe, markets remained on edge, with uncertainty fueling global market swings...

•  PBOC fixed the yuan at 7.1461 per dollar before trading began, the strongest setting since November 8.

• At GMT 10:12,the dollar   was down 0.02% at 7.177 against Chinese Yuan.

•  Immediate resistance is located at 7.186 (50%fib), any close above will push the pair towards 7.193(Jan 11th high).

• Support is seen at 7.172(38.2%fib) and break below could take the pair towards 7.155 (23.6%fib).

Recommendation: Good to buy around 7.175 with stop loss of 7.140 and target price of 7.220