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Usdcnh: high level narrow range finishing
2022-08-30
1074
Fundamental analysis:
The USD / RMB fluctuated around 6.91110. Recently, it was learned from the Ministry of industry and information technology that China's information consumption has become a consumption field with rapid growth, active innovation and extensive radiation. The market scale increased from 2.8 trillion yuan in 2014 to 6.8 trillion yuan in 2021. In the first half of this year, China's information consumption reached 3.24 trillion yuan, an increase of 6% year on year.
USD and RMB usdcnh - 4-hour K-line diagram shows:
Technical analysis:
According to the 4-hour chart, the bulls were driven up by strong shocks, and the high-level short-term consolidation was blocked. The market bearish sentiment began to wait for the opportunity to enter. The MACD index was in the high-level consolidation of the bulls, and the RSI index was in the narrow range consolidation of the bulls and slowly declined;
Long and short turning point: 6.91839
Pressing position: 6.93366, 6.94809
Support position: 6.89789, 6.88543
Trading strategy: bearish below 6.91839, targets 6.89789 and 6.88543
Alternative strategy: bullish above 6.91839, target 6.93366, 6.94809
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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