FxWirePro: USDCNY caught in narrow range, bias is bullish

• USD/CNY steadied on Thursday as the yuan was weighed down by a stronger dollar and concerns over U.S. President-elect Donald Trump's tariff plan.

• Investors are still awaiting further developments after U.S. President-elect Donald Trump's pledges to impose a 25% tariff on all products from Mexico and Canada and an additional 10% tariff on goods from China when he takes office in January.

• Investors are focused on China's manufacturing PMI data due this week and the upcoming Chinese Politburo meeting in early December for further insight into the country's economic outlook.

• Chinese state media warned on Wednesday that the move could push the world’s two largest economies into a mutually destructive tariff war.

• At GMT 11:44,the dollar was up 0.04% at 7.248 against Chinese Yuan .

 •  Immediate resistance is located at 7.263(23.6%fib), any close above will push the pair towards 7.266(July 30th high)

• Support is seen at 7.247(SMA9) and break below could take the pair towards 7.214(38.2%fib).

Recommendation: Good to buy around  7.245 with stop loss of 7.200  and target price of 7.300