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USDCNH: Low level oscillation
2022-11-08
1069
Fundamental analysis:
The USD/RMB remained volatile at 7.23004. The annual export rate of China in October was - 0.3% in USD, expected to be 4.50%, with a previous value of 5.70%. General Administration of Customs: In the first 10 months of this year, the total value of China's foreign trade imports and exports increased by 9.5% year on year, and foreign trade continued to operate smoothly.
USD/RMB USDCNH - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that after the bears fell rapidly, they began to oscillate in a wide range, and the amplitude space narrowed, showing signs of continued downward movement. The MACD index was at the low level of the bears area and the RSI index hovered below the 50 equilibrium line;
Multi empty turning point: 7.23703
Pressing: 7.25107, 7.26398
Support: 7.21805, 7.20241
Trading strategy: bearish at 7.23703, target 7.21805, 7.20241
Alternative strategy: bullish above 7.23,703, target 7.25,107, 7.26,398
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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