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USDCNH: bearish step down
2022-10-04
1084
Fundamental analysis:
The USD/RMB remained volatile around 7.09864, and the overnight onshore RMB HIBOR was 1.80%; One week onshore RMB HIBOR was 2.45%, two weeks onshore RMB HIBOR was 2.63%, one month onshore RMB HIBOR was 2.86%, two months onshore RMB HIBOR was 2.02%, three months onshore RMB HIBOR was 3.08%, six months onshore RMB HIBOR was 3.23%, nine months onshore RMB HIBOR was 3.37%, and one year onshore RMB HIBOR was 3.51%.
USD/RMB USDCNH - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the short selling power is in a downward trend of ladder like shocks, and the short-term decline may continue. The market short selling sentiment starts to pour in. The MACD indicator is weak at the lower side of the 0 axis, and the RSI indicator is narrow at the lower side of the 50 equilibrium line;
Empty turning point: 7.10517
Pressing position: 7.13055, 7.16298
Support position: 7.07157, 7.04708
Trading strategy: bearish under 7.10517, target 7.07157, 7.04708
Alternative strategy: 7.10517 upward bullish, target 7.13055, 7.16298
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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