FxWirePro: USD/CNY uptrend gains momentum but hurdles ahead

• USD/CNY firmed on Thursday as Yuan  weakened as mainland markets reopened following the week-long National Day holiday.

• Mainland markets reopened after an eight-day holiday, with investors reacting to overseas developments as the U.S. dollar headed for its strongest weekly performance in nearly a year.

• Investor attention is set to turn to China’s upcoming Fourth Plenum, scheduled for October 20–23, which is expected to detail the country’s economic, political, and social agenda, along with development plans for the next five years.

• Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate   at 7.1102 per dollar, its weakest since September 26.

• At GMT 07:06, the dollar was up  0.14% to 7.128 against the Chinese Yuan.

•  Immediate resistance is located at 7.134(Daily high), any close above will push the pair towards 7.141(38.2%fib)

• Support is seen at 7.102(23.6%fib) and break below could take the pair towards 7.097(Lower BB).

Recommendation: Good to sell around 7.115, with stop loss of 7.100 and target price of 7.130