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USDCNH: High level shock pullback

2022-09-20
515
Fundamental analysis:

The US dollar/RMB remained volatile around 7.00200. The market should take a more leisurely look at the periodic appreciation or depreciation of the RMB without paying too much attention to the so-called numerical threshold, let alone panic. At present, a package of policies and measures to stabilize the economy has been put into effect, the national economy has continued to recover, and the fundamentals of long-term improvement have not changed.


USD/RMB USDCNH - 4-hour K line chart shows:



Technical analysis:


The 4-hour chart shows that the bulls' power maintained a step up shock, the high level retreated in the short term when it was blocked, the bears' power began to wait for an opportunity to enter the market, the MACD maintained a weak downward trend in the bulls' area, and the RSI index hovered on the 50 balanced online side;


Empty turning point: 7.00457


Pressing position: 7.01600, 7.02741


Support position: 6.99024, 6.98050


Trading strategy: 7.00457 bearish, target 6.99024, 6.98050


Alternative strategy: bullish on 7.00457, target 7.01600, 7.02741

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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