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Usdcnh: high short-term pullback
2022-09-08
1065
Fundamental analysis:
The US dollar fluctuates around 6.95550 against the RMB. The RMB exchange rate does not have the foundation for long-term depreciation. With the rise and fall of the US dollar index, the stabilization and recovery of the domestic economy, and the appropriate intervention of policy tools, the RMB exchange rate will return to below 7, just like the previous two rounds of "breaking 7".
USD / RMB usdcnh - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the long power keeps surging up, the high power retreats after being blocked for a short time, the short power of the market shows signs of waiting for an opportunity to enter the market, the MACD indicator keeps sorting out and retreating in the long area, and the RSI indicator keeps fluctuating in the long area and hovers around the 50 equilibrium line;
Long short turning point: 6.95932
Pressing position: 6.97236, 6.98462
Support position: 6.94314, 6.93052
Trading strategy: bearish below 6.95932, targets 6.94314, 6.93052
Alternative strategy: bullish above 6.95932, targeting 6.97236 and 6.98462
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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