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USDCNH: Bull shock rising

2022-09-22
499
Fundamental analysis:

The USD/RMB remained volatile around 7.07158, and the overall valuation level of Chinese stocks was very low. JPMorgan was very optimistic about the future performance of China's A-share and Hong Kong stock markets. From the beginning of the year to the present, despite the poor performance of these two markets, global investors are still structurally optimistic. In the future, JPMorgan is more optimistic about high-quality stocks, that is, stocks with high ROA (return on assets) and high ROE (return on net assets), mainly from the consumer industry.


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




Technical analysis:


The 4-hour chart shows that the bulls' momentum has maintained a good momentum of shock and upward movement, and the market's bullish mood is shrouded. The MACD index is in the bulls' region and the finishing is upward, while the RSI index is in the bulls' high position;


Empty turning point: 7.06327


Pressing bit: 7.08415, 7.09564


Support position: 7.05068, 7.04040


Trading strategy: bullish above 7.06327, target 7.08415, 7.09564


Alternative strategy: bearish under 7.06327, target 7.05068, 7.04040

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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