USDCNH: high move up

Fundamental analysis:

The U.S. dollar against the renminbi remained volatile around 7.24607, and the epidemic in China has reignited. The UBS China equity strategy researcher expects that the epidemic restrictions will be greatly relaxed in the second quarter of next year, supported by falling commodity prices, improving economic growth and reducing asset impairment , It is estimated that the MSCI China Index earnings will increase by 15% to 20%, and the Chinese stock market will bid farewell to the winter in 2023.

US dollar RMB USDCNH - the 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum continues to fluctuate and rise, the short-term bullish trend is good, the market as a whole is in the bullish climb, the MACD indicator is in the bullish zone and is slowly rising, and the RSI indicator is in the bullish zone and moves upward;

Long-short turning point: 7.23901

Suppression: 7.26274, 7.27936

Support: 7.22287, 7.20673

Trading strategy: Bullish above 7.23901, target 7.26274, 7.27936

Alternative strategy: bearish below 7.23901, target 7.22287, 7.20673