USDCNH: Bull concussion moves up

Fundamental analysis:

The exchange rate between the US dollar and the RMB remained volatile around 7.13533. Wang Chunying, spokesman of the State Administration of Foreign Exchange, said that in September 2022, cross-border capital flows were generally stable, and domestic foreign exchange supply and demand remained basically balanced. The scale of foreign exchange reserves decreased slightly in the current month due to the combined effect of exchange rate translation, asset price changes and other factors.

USD/RMB USDCNH - 4-hour K line chart shows:

Technical analysis:

The 4-hour chart shows that the bulls' momentum remains volatile and upward, and the short-term bulls' upward trend may continue. The market has been overshadowed by bullish sentiment recently. The MACD index is at the top of the 0 axis, and the RSI index is at the top of the 50 axis;

Empty turning point: 7.12910

Pressing: 7.15372, 7.17096

Support: 7.11137, 7.09364

Trading strategy: bullish above 7.12910, target 7.15372, 7.17096

Alternative strategy: bearish under 7.12910, target 7.11137, 7.09364