• 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
