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USDCNH: Low level interval oscillation
2022-10-07
1119
Fundamental analysis:
The exchange rate between the US dollar and the RMB remained volatile around 7.07806. Hong Kong is actively promoting the establishment of a RMB stock trading counter in the "Hong Kong Stock Connect". At the same time, it is expected to exempt the market makers from the stamp tax on stock trading that should have been paid for specific transactions. It is a good time to further promote the development of RMB stocks.
USD/RMB USDCNH - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the low position will maintain a wide range of shocks in the short term. The short-term bull power has signs of waiting for an opportunity to enter the market. The MACD index is in the short position, and the weak position will be maintained. The finishing will slowly rise. The RSI index is in the weak position near the 50 equilibrium line;
Empty turning point: 7.06900
Pressing: 7.09659, 7.11482
Support: 7.05227, 7.03405
Trading strategy: bullish above 7.06900, target 7.09659, 7.11482
Alternative strategy: bearish under 7.06900, target 7.05227, 7.03405
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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