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USDCNH: rebound layout empty order
2022-11-21
1155
Fundamental analysis:
On November 18, Minister of Commerce Wang Wentao met with US Trade Representative Dai Qi at the informal APEC Leaders' Meeting in Bangkok, Thailand. After the Bali meeting between the two heads of state, the two sides conducted frank, professional and constructive exchanges on Sino US economic and trade issues and multilateral and regional economic and trade issues of common concern. Both parties agreed to continue to maintain communication.
USD/RMB USDCNH daily line chart:
Technical analysis:
From the daily chart, we can see that the short-term exchange rate rebounded rapidly but the upper part was strongly suppressed. The MACD operated near the 0 axis but the volume could be slightly increased. The RSI tended to slow down. It is expected that the short-term exchange rate will continue to decline after the rebound.
Empty turning point: 7.1500
Resistance level: 7.2600 7.3600
Support position: 7.0500 6.9500
Trading strategy: above 7.1500, bullish, target price is 7.2600, 7.3600
Alternative strategy: below 7.1500, bearish, with target prices of 7.0500 and 6.9500
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