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USDCNH: rebound continues to be short
2022-12-07
1154
Fundamental analysis:
The exchange rate of RMB against the US dollar has returned to the "6 range" strongly. With the continuous enhancement of the flexibility of the RMB exchange rate, the ability of market players such as enterprises to resist the risk of exchange rate fluctuations is becoming more and more important.
USDCNH daily chart:
Brief technical analysis:
Looking at the daily chart: the short-term exchange rate rebounded slightly but the upper suppression continued to be strong, the MACD was running below the 0 axis and the volume was slightly increased, and the RSI continued to be weak. It is expected that the short-term exchange rate will continue to decline after rebounding.
Long-short turning point: 7.1500
Resistance: 7.2600 7.3600
Support levels: 7.0500 6.9500
Trading strategy: below 7.1500, bearish, target price is 7.0500, 6.9500
Alternative strategy: above 7.1500, bullish, target price is 7.2600, 7.3600
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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