• USD/CNY surged towards the 7.300 level on Thursday as the dollar gained strength following the Fed's hawkish stance on interest rates.
• The U.S. central bank cut its interest rates on Wednesday as expected but Federal Reserve Chairman Jerome Powell said further cuts in borrowing costs now depend on additional progress towards bringing down high inflation.
• The Chinese currency has declined for the seventh successive day following a strong demand for the higher higher-yielding dollar.
• At GMT 08.30,the dollar was up 0.18% at 7.298 against Chinese Yuan .
• Immediate resistance is located at 7.300(23.6%fib), any close above will push the pair towards 7.307(Higher BB)
• Support is seen at 7.285(Daily low) and break below could take the pair towards 7.62(38.2%fib).
Recommendation: Good to buy around 7.290 with stop loss of 7.240 and target price of 7.350
