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USDCNH: High level sorting
2022-11-04
1260
Fundamental analysis:
The US dollar/RMB remained volatile near 7.33345, and Yi Gang, member of the Central Propaganda Mission and governor of the People's Bank of China, made a speech. Yi Gang pointed out that we should improve the monetary policy system, maintain the stability of the currency value and promote economic growth. We will strengthen the flexibility of the RMB exchange rate and keep the RMB exchange rate basically stable at a reasonable and balanced level.
USD/RMB USDCNH - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the bulls' power has kept surging. After the weak trend near the early high level was sorted out, the bears' power showed signs of waiting for an opportunity to enter the market. The MACD index was in the narrow range of the bulls' area, and the RSI index hovered above the 50 equilibrium line;
Empty turning point: 7.33345
Pressing: 7.35040, 7.36223
Support: 7.31358, 7.29989
Trading strategy: bearish at 7.33,345, target 7.31,358, 7.29,989
Alternative strategy: bullish above 7.33345, target 7.35040, 7.36223
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