USDCNH: High position narrow range finishing

Fundamental analysis:

The exchange rate between the US dollar and the RMB remained volatile around 7.13705. Driven by the continuous increase of policy oriented development financial instruments, the guidance to increase the medium and long-term loans for the manufacturing industry, and the special refinancing for the renovation and reconstruction of equipment, the medium and long-term loans of enterprises increased by nearly 1.35 trillion yuan in September, becoming an important support for credit growth.

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

Technical analysis:

The 4-hour chart shows that the low bulls' momentum is surging, while the high bulls' short-term narrow range consolidation and translation, the market's bullish sentiment starts to weaken, the MACD index is at the high level in the long region, and the RSI index is at the 50 equilibrium line, and the market is weak;

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