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• USD/CNY steadied on Wednesday as traders assessed the sharp escalation in the Russia-Ukraine conflict.
• Market nerves eased after Russia's foreign minister stated the country would do everything possible to avoid nuclear war, just hours after Moscow announced it would lower its threshold for a nuclear strike.
• On the policy front, ,China kept its benchmark lending rates unchanged at Wednesday's monthly fixing, as expected, following last month's larger-than-expected rate cuts aimed at boosting economic activity..
• At GMT 07:25,the dollar was up 0.01% at 7.229 against Chinese Yuan .
• Immediate resistance is located at 7.248(23.6%fib), any close above will push the pair towards 7.262(Jul 30th high)
• Support is seen at 7.224(SMA 9) and break below could take the pair towards 7.214 (38.2%fib).
Recommendation: Good to buy around 7.235 with stop loss of 7.180 and target price of 7.280
