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USDCNH: Breakout range moves up
2022-11-28
1170
Fundamental analysis:
The USD/RMB fluctuated around 7.19206. The People's Bank of China decided to cut the deposit reserve ratio of financial institutions on December 5, 2022. After this cut, the weighted average deposit reserve ratio of financial institutions is about 7.8%.
USD RMB USDCNH - 4-hour candlestick chart shows:
A brief technical analysis:
From the 4-hour chart: in the short term, it is in a range of fluctuations and translation, the bulls are waiting for an opportunity to break through, the bulls have continued to pull up, the MACD indicator is hovering above the 0 axis, and the RSI indicator is weak on the 50 balance line;
Long and short turning point: 7.18442
Suppression: 7.20768, 7.22382
Support: 7.16828, 7.15261
Trading strategy: bullish above 7.18442, target 7.20768, 7.22382
Alternative strategy: bearish below 7.18442, target 7.16828, 7.15261
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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