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USDCNH: High level vibration of bulls
2022-10-12
1178
Fundamental analysis:
The USD/RMB exchange remained volatile around 7.16831. The five major branches of China Construction Diplomatic Relations between Industry and Agriculture announced that they had successfully completed the multi scenario payment and settlement business focusing on cross-border trade in the pilot of the multilateral central bank's digital currency bridge. Some sub sectors also welcomed the first transaction completed in digital RMB.
USD/RMB USDCNH - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the bulls' momentum keeps rising and rising, the short-term high level fluctuates in a narrow range, and the market's bullish mood remains unchanged. The MACD index stays in the bulls' area and maintains consolidation and translation, while the RSI index stays in the 50 balanced online side;
Multi empty turning point: 7.16076
Pressing: 7.18695, 7.20473
Support: 7.14205, 7.12568
Trading strategy: bullish above 7.16076, target 7.18695, 7.20473
Alternative strategy: 7.16076 bearish, target 7.14205, 7.12568
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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