Implies hope or optimism in challenging situations, suggesting there's still a chance to win or succeed. The team lost the first two matches, but they still have a fighting chance to take the championship.
Pro Tip 2/3
Not a Guarantee
Doesn't promise success, but indicates the possibility is there if effort is made. If she prepares well for her interview, she's got a fighting chance of landing the job.
Pro Tip 3/3
Colloquial Usage
Common in everyday English, especially in informal speech and writing. With some hard work, you've got a fighting chance at improving your English.