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USDCNH: Climb to High

Fundamental analysis:

USD/RMB remained oscillating around 6.97804. The formation mechanism of domestic inflation is quite different from overseas. In some areas where the supply contraction is serious, the price increase pressure needs to be paid attention to. If domestic inflation exceeds expectations, focus on pork on the food side, and pay attention to the service industry on the non-food side.

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

Brief technical analysis:

Looking at the 4-hour chart: the high level of bull power continues to rise, short-term bullish sentiment emerges, the market bulls continue to move upward, the MACD indicator continues to rise in the bull zone, and the RSI indicator hovers above the high overbought zone in the bull zone;

Long-short turning point: 6.96972

Suppression: 6.98945, 7.00147
Support: 6.95773, 6.94613

Trading strategy: Bullish above 6.96972, target 6.98945, 7.00147
Alternative strategy: bearish below 6.96972, target 6.95773, 6.94613

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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