FxWirePro: USD/CNY edges higher but bearish outlook persists

• USD/CNY inched higher on Thursday as greenback firmed as investors reduced bets on a Federal Reserve interest rate reduction next month.

•  The minutes from the Fed’s October meeting, released Wednesday, showed that policymakers proceeded with a rate cut even as they warned it could risk entrenched inflation and undermine public confidence in the central bank..

•  Traders now see nearly a 33% chance for a rate cut at the Fed's December 9-10 meeting, down from 49% on Wednesday, CME Group's FedWatch tool showed.

• The spotlight is now on the September non-farm payrolls report, due later in the day after a postponement linked to the recent U.S. government shutdown..

•Meawhile,prior to market opening, the People's Bank of China (PBOC) set the midpoint rate   at 7.0905 per dollar, its weakest level since October 24

•  Immediate resistance is located at 7.132(Nov 4th high), any close above will push the pair towards 7.138(38.2%fib).

• Support is seen at 7.091(23.6%fib) and break below could take the pair towards 7.085(Lower BB).

Recommendation: Good to sell around 7.116 with stop loss of 7.130  and target price of 7.100