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• USD/CNY steadied on Monday after China’s central bank kept medium-term loan rate unchanged.
• The People's Bank of China (PBOC) extended 900 billion yuan ($124.30 billion) in one-year medium-term lending facility (MLF) loans to select financial institutions at an interest rate of 2.00%, maintaining the previous rate.
• Looking ahead ,data releases include industrial profits on Wednesday and the official NBS manufacturing and services PMIs for November on Saturday.
• At GMT 07:25,the dollar was up 0.01% at 7.229 against Chinese Yuan .
• Immediate resistance is located at 7.250(23.6%fib), any close above will push the pair towards 7.266(July 29th high)
• Support is seen at 7.235(SMA 5) and break below could take the pair towards 7.219 (38.2%fib).
Recommendation: Good to buy around 7.240 with stop loss of 7.180 and target price of 7.280
