FxWirePro: USD/ CNY hovers near three-month, bias is bullish

• USD/ CNY hovered near  three-month peak on Wednesday    as investors assessed  closely watched U.S. election that could significantly impact the world's second-largest economy.

• Growing bets for Republican presidential candidate Donald Trump to win the Nov. 5 election have provided support for the greenback, as his tariff and immigration policies are seen as inflationary.  

• Investors are reluctant to make big bets amid uncertainty over the U.S. elections ahead of a key Chinese leadership meeting from Nov. 4 to 8 that could reveal some details of the stimulus measures.

• At GMT 05:27,the dollar   was up 0.09 % at 7.136 against Chinese Yuan.

•Technical signals are bearish  as RSI is   trending lower, moving averages are trending down

•  Immediate resistance is located at 7.140 (23.6%fib), any close above will push the pair towards 7.168 (Higher BB).

• Support is seen at 7.116(38.2%fib) and break below could take the pair towards 7.110 (Oct 24th low).

Recommendation: Good to buy  around 7.130 with stop loss of 7.080 and target price of 7.170