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FxWirePro: USD/ CNY hits 3-week high, scope for further upside

• USD/ CNY rose to its highest level in nearly three weeks as mainland markets opened  after a week-long break.

• Investor focus this week will be on the U.S. inflation report, due on Thursday, and minutes from the Fed's September meeting scheduled to be released on Wednesday.

• At GMT 16:43,the dollar   was up 0.60 % at 7.059 against Chinese Yuan.

•Technical signals are bullsih as RSI is   trending higher, moving averages are trending up

•  Immediate resistance is located at 7.062 (38.2%fib), any close above will push the pair towards 7.079 (23.6%fib).

• Support is seen at 7.043(50%fib) and break below could take the pair towards 7.032 (Sep 24th low).

Recommendation: Good to buyaround 7.055 with stop loss of 7.000  and target price of 7.090

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