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Usdcnh: bulls surging

2022-09-07
487
Fundamental analysis:

The US dollar kept fluctuating around 6.96660 against the RMB. The people's Bank of China reduced the foreign exchange reserve ratio of financial institutions by 2 percentage points, which helped to "cool down" the expectation of unilateral depreciation of the RMB and ease the pressure of excessive depreciation of the RMB, so as to promote the balance of supply and demand in the domestic foreign exchange market and restore the basic stability of the RMB exchange rate to a reasonable and balanced level.


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



Technical analysis:


According to the 4-hour chart, the Bulls' momentum keeps surging, the short-term bullish sentiment is shrouded, and the market's Bulls' potential is further upward. The MACD indicator is at the high level of the Bulls' region, and the RSI indicator is at the consolidation of the Bulls' region;


Long short turning point: 6.95932


Pressing position: 6.98040, 6.99328


Support position: 6.94675, 6.93566


Trading strategy: bearish below 6.95932, target 6.94675, 6.93566


Alternative strategy: bullish above 6.95932, targeting 6.98040 and 6.99328

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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