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USDCNH: oscillating up
2023-01-18
1004
Fundamental analysis:
USD/RMB remained volatile around 6.76860. The National Bureau of Statistics released the national population data for 2022 today. In 2022, the birth population will be 9.56 million and the death population will be 10.41 million. The total population will decrease by 850,000 compared with the end of the previous year. For the first time in 61 years, China's population base has experienced negative growth.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of the low-level bulls keeps oscillating and moving up, the short-term bullish sentiment is shrouded, the market bulls continue to pull up and then there is consolidation, the MACD indicator is in the short area and the shock moves upward, and the RSI indicator is finishing near the 50 balance line;
Long-short turning point: 6.75967
Suppression: 6.78356, 6.80093
Support: 6.74067, 6.72276
Trading strategy: Bullish above 6.75967, target 6.78356, 6.80093
Alternative strategy: bearish below 6.75967, target 6.74067, 6.72276
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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