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USDCNH: high down
2022-12-30
1021
Fundamental analysis:
The dollar remained volatile around 6.97522 against the yuan, with investors having to keep pace with a pick-up in economic activity as consumers and businesses in China return to some normalcy, while also dealing with the impact of a surge in infection rates. Complicating the market's troubles was China's swift rollback of strict COVID-19 zero-out policies that had severely hampered the country's economy for nearly three years.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics fluctuate downward, the short-term decline may continue, the market as a whole is in a weak downward trend, the MACD indicator is weak and hovering around the 0 axis, and the RSI indicator is weakly finishing near the 50 balance line;
Long-short turning point: 6.97719
Suppression: 6.98253, 6.98787
Support: 6.97045, 6.96539
Trading strategy: bearish below 6.97719, target 6.97045, 6.96539
Alternative strategy: Bullish above 6.97719, target 6.98253, 6.98787
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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