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USDCNH: Move higher

Fundamental analysis:

The U.S. dollar remained fluctuating around 7.36614 against the yuan. Both imports and exports improved in August. Actual import volume has achieved positive year-on-year growth for six consecutive months, indicating that domestic demand is relatively stable. UBS maintains its forecast for a slight appreciation of the RMB before the end of the year. It expects the RMB exchange rate to appreciate before the end of the year and adjusts its forecast for the USD/CNY exchange rate at the end of this year from 6.95 to 7.15.

US dollar, yuan, USDCNH - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: The high bull momentum continues to fluctuate and rise, short-term bullish sentiment is shrouded, the market bulls continue to pull up, the MACD indicator is at a high level in the bull area and moves upward, and the RSI indicator is hovering near the high 80 equilibrium line;

Resistance level: 7.37272 7.37980

Support level: 7.35525 7.34793

Trading strategy: Bullish above 7.36186, target 7.37272 7.37980
Alternative strategy: bearish below 7.36186, target 7.35525 7.34793

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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