USDCNH: Shorts plummet

Fundamental analysis:

The US dollar remained volatile against the RMB at 7.15002. The China Light Industry Federation recently announced the operation of China's light industry economy in the first three quarters. Data shows that from January to September, enterprises above designated size in the light industry achieved an operating income of 17.35 trillion yuan, up 7.4% year on year; The profit growth of the light industry rose month by month, and the profit continued to improve. From January to September, enterprises above designated size in the light industry achieved a profit of 1052.13 billion yuan, up 8.9% year on year, 1.5 percentage points faster than that in the previous August.

USD/RMB USDCNH - 4-hour K line chart shows:

Technical analysis:

The 4-hour chart shows that the momentum of short positions has fallen rapidly, and the short-term decline may continue. The market short position mood is shrouded. The MACD indicator is in the low position of short positions, and the RSI indicator is in the low position of short positions;

Multi empty turning point: 7.15670

Pressing: 7.13387, 7.18940

Support: 7.13,352, 7.11,870

Trading strategy: bearish under 7.15670, target 7.13352, 7.11870

Alternative strategy: bullish above 7.15670, target 7.13387, 7.18940