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USDCNH: long continued strength
2022-10-25
1200
Fundamental analysis:
In September, the effect of high inflation in developed economies such as Europe and the United States on China's export volume decreased as a whole. Wang further said that the overall export in September is still relatively resilient, mainly due to the high growth rate of China's exports to ASEAN. At the beginning of this year, RCEP came into effect, tariff reduction arrangements and trade facilitation have further reduced the cost of China-Asean trade cooperation. In addition, recent efforts to stabilize domestic foreign trade policies will also have a supportive effect on exports.
Usd RMB USDCNH daily chart:
Technical analysis:
The daily chart shows that the short-term exchange rate continues to advance rapidly, MACD runs on the 0 axis and the volume can continue to increase, RSI is rising again, and it is expected that the short-term exchange rate will have a high probability of further upward.
Long/short turning point: 7.1500
Resistance: 7.2600 7.3600
Support level: 7.0500 6.9500
Trading STRATEGY: Above 7.1500, bullish, target 7.2600, 7.3600
Alternative STRATEGY: Below 7.1500, bearish, target 7.0500, 6.9500
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