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FxWirePro: USD/CNY extends gains, faces 23.6% fib resistance

• USD/CNY strengthened  on Friday as greenback consitued its momentum as investors assessed the outlook for the Federal Reserve's interest rate path.

• Dollar  has appreciated around3% so far this month on expectations that Trump's policies could reignite inflation and limit the Fed's ability to cut rates.

• Markets now seea 57.8% chance of a 25-basis-point cut, down from 72.2% a week ago, according to CME's FedWatch Tool.U.S. PCE for October scheduled for release next Friday will be a key focus.

• At GMT 14:23,the dollar was up 0.13% at 7.245 against Chinese Yuan .

 •  Immediate resistance is located at 7.253(23.6%fib), any close above will push the pair towards 7.263 (Higher BB)

• Support is seen at 7.240(5SMA) and break below could take the pair towards 7.221 (38.2%fib).

Recommendation: Good to buy around  7.240 with stop loss of 7.180  and target price of 7.280

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