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USDCNH: High level shock pullback
2022-11-02
1102
Fundamental analysis:
The exchange rate between the US dollar and the RMB remained volatile at 7.30675. At present, the internal and external situation is still complex and severe, and there are many adverse factors affecting economic development. In particular, the spread of epidemic disease in many places has significantly restricted both sides of supply and demand. The downward pressure on the economy is still great, and the foundation for economic recovery is still not solid.
USD/RMB USDCNH - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the high short position power remains in shock and retreats, and the short-term short position power is waiting for the opportunity to shake and descend. The MACD index is at the upper side of the 0 axis, and the RSI index is at the lower side of the 50 balanced line;
Empty turning point: 7.31216
Pressing: 7.32635, 7.34094
Support: 7.29324, 7.28023
Trading strategy: bearish at 7.31216, target 7.29324, 7.28023
Alternative strategy: bullish above 7.31216, target 7.32635, 7.34094
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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