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USDCNH: High level great earthquake moves up
2022-11-03
1127
Fundamental analysis:
The exchange rate between the US dollar and the RMB remained volatile around 7.33716. President Yi Gang said at the "International Financial Leaders Investment Summit" held by the Hong Kong Monetary Authority that a managed floating exchange rate system based on market supply and demand and adjusted by reference to a basket of currencies should be implemented.
USD/RMB USDCNH - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the short-term bulls' power level continued to move up after a sharp shock, and short-term bullish sentiment emerged. The market bulls continued to move up. The MACD index hovered on the weak side of the 0 axis, and the RSI index was in the 50 balanced online weak side;
Empty turning point: 7.33345
Pressing: 7.35040, 7.36223
Support: 7.31926, 7.30585
Trading strategy: bullish above 7.33345, target 7.35040, 7.36223
Alternative strategy: bearish under 7.33345, target 7.31926, 7.30585
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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