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USDCNH: Rebound attempt empty order


Fundamental analysis:

'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:

Technical analysis:

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

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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