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USDCNH: High position multi head up

Fundamental analysis:

The USD/RMB exchange rate remained volatile around 7.02700. The People's Bank of China authorized the National Inter bank Funding Center to announce that the loan market quoted rate (LPR) on September 20, 2022 was 3.65% for 1-year term LPR and 4.3% for more than 5-year term LPR, which was the same as last time.

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

Technical analysis:

The 4-hour chart shows that the high and wide shocks continued, the bulls slowly rose, the short-term bullish sentiment remained, the MACD indicators were maintained in the bulls area, and the RSI indicators were maintained in the bulls area;

Empty turning point: 7.02320

Pressing position: 7.03834, 7.04863

Support position: 7.01234, 7.00177

Trading strategy: bullish above 7.02320, target 7.03834, 7.04863

Alternative strategy: bearish under 7.02320, target 7.01234, 7.00177

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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