'The Chinese economy faces a growing risk of slowing external demand in the fourth quarter,' Commerce Ministry spokesman Shu Jueting said at a regular news briefing. Looking ahead to the fourth quarter, the risk of a slowdown in external demand is expected to increase. The consumer market continues to show recovery and growth, but market players in brick-and-mortar retail, catering, and lodging industries are still under huge pressure due to unexpected factors such as the COVID-19 pandemic.
Usd RMB USDCNH daily chart:
The daily chart shows that the short-term exchange rate rebounded quickly but the upper pressure is strong, MACD runs on the 0 axis and the volume can shrink slightly, RSI high narrow finishing, it is expected that the short-term exchange rate will continue to decline after the rebound.
Long/short turning point: 7.1500
Resistance: 7.2600 7.3600
Support level: 7.0500 6.9500
Trading STRATEGY: Above 7.1500, bullish, target 7.2600, 7.3600
Alternative STRATEGY: Below 7.1500, bearish, target 7.0500, 6.9500