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Forward Rate Depends on Inflation, USD and RMB Accelerates Fall
2022-06-03
995
Fundamental analysis:
Fed President Loretta Mester said he is in favor of raising rates by 50 basis points each this month and next, but starting in September, the pace of rate hikes could be faster or slower depending on inflation. Monthly inflation data can provide evidence that inflation is falling, so the pace of rate hikes may slow. But if inflation fails to moderate, then a faster pace of rate hikes may be necessary.
USDCNH daily chart:
Technical analysis: The daily moving average is short, the exchange rate begins to decline, the MACD runs on the 0-axis but the volume can continue to shrink slightly, and the RSI declines again. It is expected that the exchange rate will further decline in the short term.
Long-short turning point: 6.6416
Resistance: 6.7600 6.8870
Support level: 6.5385 6.4260
Trading Strategy: Below 6.6416, bearish with a price target of 6.5385, then 6.4260.
Alternative strategy: above 6.6416, bullish with a target of 6.7600, then 6.8870.
The above analysis is a personal opinion and is for reference only.
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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