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USDCNH: Bears fall
2022-12-01
1062
Fundamental analysis:
USD/RMB remained volatile around 7.04466. In November, China's Manufacturing Purchasing Managers Index was 48%, down 1.2 percentage points from the previous month. The index has continued to decline, indicating that due to the frequent outbreaks of the epidemic in multiple places, the pressure on economic operation has increased.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum has fallen sharply at a low level, and the short-term decline may continue. The overall bearish sentiment in the market is in a good downward trend.
Long-short turning point: 7.05336
Suppression: 7.06897, 7.08415
Support: 7.02864, 7.01390
Trading strategy: bearish below 7.05336, target 7.02864, 7.01390
Alternative strategy: Bullish above 7.05336, target 7.06897, 7.08415
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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