Cycling IS effective for fat loss but not targeted fat loss. When you lose fat through diet and or exercise it comes off all over your body. There is no such thing as "spot reducing". That said, losing fat is a process of calories expended vs calories burned. Where the fat comes off does have something to do with YOUR genetics. Some people deposit fat around there middle first and it is last to go. Since you are doing a combination of cycling and resistance training you will gain some muscle as well. Every muscle cell you add is like a little engine. It burns fuel (fat) while it is resting. Even when you sleep. However, adding muscle where you want to lose fat will still have you losing all over your body and will not take the fat from where the muscle happens to be.