FxWirePro: USD/ CNY falls to two-week low with plenty more downside potential

• USD/ CNY fell to two week low on Monday as market  closely monitored the U.S. presidential election and a key meeting of the top leadership in   China.

• The yuan is positioned at the forefront of financial markets' response to the U.S. election, especially if Republican Donald Trump emerges as the winner and implements tariff increases on Chinese goods after taking office.

• The Standing Committee of China's National People's Congress (NPC) meets through Nov. 4-8 and is expected to approve spending and debt refinancing plans

• At GMT 05:30 ,the dollar   was down 0.42% at 7.091 against Chinese Yuan.

•Technical signals show the pair could lose more ground as RSI is down at 42, and 9, 11,21 SMA’s are trending south.

•  Immediate resistance is located at 7.099 (50%fib), any close above will push the pair towards 7.121(61.8%fib).

• Support is seen at 7.086(Daily low) and break below could take the pair towards 7.078(38.2%fib).

Recommendation: Good to sell around 7.095 with stop loss of 7.190  and target price of 7.060