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USDCNH: bear moves down
2022-11-23
1118
Fundamental analysis:
The exchange rate between the US dollar and the RMB remained volatile around 7.13557. Lu Lei, Deputy Director of the State Administration of Foreign Exchange, said that the resilience of China's foreign exchange market has been significantly enhanced, providing a relatively good foundation for effective cross-border capital flow management.
USD/RMB USDCNH - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the short sellers' power has moved downward, the market continues to retreat and move downward in the short term, the MACD indicator hovers on the top of the 0 axis, and the RSI indicator is in the weak consolidation near the 50 equilibrium line;
Multi empty turning point: 7.14239
Pressing: 7.16,638, 7.18,957
Support: 7.11327, 7.09068
Trading strategy: 7.14239 lower bearish, target 7.11327, 7.09068
Alternative strategy: bullish on 7.14239, target 7.16638, 7.18957
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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