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The U.S. long-term economic outlook is pessimistic, and the USD and RMB are broadly sorted
2022-05-30
946
Fundamental analysis:
The final reading of the University of Michigan's consumer confidence index in May fell to 58.4 from an initial reading of 59.1, further deteriorating to a 10-year low, as mounting inflation worries dimmed the economic outlook; the final reading in April was 65.2. Households become extra pessimistic about short- and long-term economic outlook
USDCNH daily chart:
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Technical analysis: The daily moving averages are long arranged, but the moving averages are weak, the exchange rate fluctuates widely, the MACD is running on the 0 axis and the volume can shrink slightly, the RSI is rising slightly, and it is expected that the short-term exchange rate will likely rise further.
Long-short turning point: 6.6416
Resistance: 6.7600 6.8870
Support level: 6.5385 6.4260
Trading Strategy: Above 6.6416, bullish with a price target of 6.7600, then 6.8870.
Alternative strategy: Below 6.6416, bearish with a price target of 6.5385, then 6.4260.
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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