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USDCNH: Bulls climb higher

2022-12-29
604
Fundamental analysis:
The USD/RMB remained oscillating around 6.99809. The party group of the National Bureau of Statistics held a special meeting to study and promote the strategic deployment of the 20th National Congress of the Communist Party of China to take root in the statistics department. The meeting listened to reports from relevant departments of the National Bureau of Statistics on the implementation of the Party's 20th National Congress of the Communist Party of China's strategic deployment tasks, and determined 21 major and key statistical special tasks.

US dollar RMB USDCNH - the 4-hour K-line chart shows:



Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum is rising strongly, the short-term bullish sentiment is shrouded, the market bulls continue to climb, and there is a further upward trend, the MACD indicator is hovering above the 0 axis, and the RSI indicator is on the 50 balance line.
Long-short turning point: 6.99504
Pressing: 7.00361, 7.00810
Support: 6.98941, 6.98422
Trading strategy: Bullish above 6.99504, target 7.00361, 7.00810
Alternative strategy: bearish below 6.99504, target 6.98941, 6.98422

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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