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USDCNH: temporary upward pressure

Fundamental analysis:

Employment prices are generally stable, and most indicators are better than last month

USD/RMB USDCNH daily line chart:

Technical analysis:

From the daily chart, we can see that there is a demand for short-term exchange rate reduction and consolidation. MACD runs on the 0 axis and the volume can continue to increase slightly. RSI continues to rise. It is expected that the short-term exchange rate will go up further after the reduction and consolidation.

Overflight turning point: 6.8225

Resistance level: 6.9225 7.0225

Support position: 6.7000 6.5750

Trading strategy: above 6.8225, bullish, target price is 6.9225, 7.0225

Alternative strategy: below 6.8225, bearish, with target prices of 6.7000 and 6.5750

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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