USDCNH: High position multi head up

Fundamental analysis:

The US dollar remained volatile against the RMB at 7.26427, and the Chief Executive of the Hong Kong SAR, Li Jiachao, delivered his first policy address since taking office; Hong Kong currently handles about 75% of the global offshore RMB settlement. The government will promote the market to provide more RMB denominated investment tools, stable and efficient exchange, exchange rate risk and interest rate risk management and other financial services, and optimize the market infrastructure.

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

Technical analysis:

The 4-hour chart shows that the bulls' momentum has maintained a good momentum of shock and upswing, the short-term bullish sentiment has continued, and there is no sign of stopping. The MACD index is maintained in the bulls' area, and the RSI index is hovering below the 80 equilibrium line in the overbought area;

Empty turning point: 7.25956

Pressing: 7.27963, 7.29342

Support: 7.24617, 7.23136

Trading strategy: bullish above 7.25956, target 7.27963, 7.29342

Alternative strategy: bearish at 7.25956, target 7.24617, 7.23136