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USDCNH: Low level wandering
2022-11-16
1034
Fundamental analysis:
The US dollar/RMB remained volatile at 7.04358. The National Bureau of Statistics: In October, due to the decline in consumer demand after the festival and the higher comparison base in the same period last year, the increase in consumer prices fell back. From January to October, 170.98 million tons of crude oil were produced, up 3.0% year on year. The imported crude oil was 413.53 million tons, down 2.7% year on year.
USD/RMB USDCNH - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that after the bearish power continues to move downward, the low position weakness lingers, the short-term amplitude space gradually narrows, the market shows signs of maintaining weak consolidation, the MACD index is in the low position consolidation in the short position region, and the RSI index is in the weak position wandering in the short position region;
Empty turning point: 7.05161
Pressing: 7.07115, 7.09190
Support: 7.02113, 7.00397
Trading strategy: 7.05161 lower bearish, target 7.02113, 7.00397
Alternative strategy: 7.05161 upside bullish, target 7.07115, 7.09190
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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