CM Trade

Download APP to receive bonus

GET

USDCNH: Shorts plummet

2022-11-11
517
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

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.

Free Access
Daily Trading Strategy
Download Now

CM Trade Mobile Application

Economics Calendar

More