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USDCNH: sorting out high position and weak position
2022-10-18
1104
Fundamental analysis:
The US dollar/RMB exchange rate remained volatile around 7.20407. The National Development and Reform Commission (NDRC): strengthened the construction of grain production functional areas, took multiple measures to promote stable production and increase production, kept the grain output above 1.3 trillion kg, and implemented the related all-round and multi-channel development of food resources.
USD/RMB USDCNH - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the bulls' momentum has maintained a narrow range of weak positions and started to hover after finishing up. The market bulls' driving force has started to weaken. The MACD indicator is in the weak position of the bulls' regions and the RSI indicator is in the weak position of the market at the 50 equilibrium line;
Empty turning point: 7.20407
Pressing: 7.21860, 7.23536
Support: 1.18277, 7.17020
Trading strategy: 7.20407 upward bullish, target 7.21860, 7.23536
Alternative strategy: 7.20407 bearish, target 1.18277, 7.17020
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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