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Usdcnh: good upward trend

Fundamental analysis:

A number of Fed officials were vague about how much they would support a rate increase at the September meeting, but continued to stress that they would further raise interest rates and keep it for a while after the rate increase was stopped until inflation was squeezed out of the economy

USD / RMB usdcnh daily chart:

Technical analysis:

According to the daily chart, the short-term consolidation of prices is gaining momentum. MACD operates on the 0 axis and the volume can be increased slightly. RSI continues to rise. It is expected that the short-term exchange rate will further rise after stepping back on the consolidation.

Long and short turning point: 6.6420

Resistance level: 6.7600 6.8870

Support position: 6.5375 6.4260

Trading strategy: above 6.6420, bullish, with target prices of 6.7600 and 6.8870

Alternative strategy: under 6.6420, bearish, with target prices of 6.5375 and 6.4260

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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