USDCNH: The short term continues to grow

Fundamental analysis:

Daley, the Federal Reserve, said that if inflation did not cool down, the Federal Reserve could raise interest rates to more than 5%; The possibility of taking any measures at the December meeting cannot be ruled out; At some moments, it is appropriate for the Federal Reserve to slow down the pace of interest rate increase; Stand on the hawkish side of the Fed's policy makers; It is too early to believe that inflation has peaked and is cooling down; There is no sign of wage price spiral; Inflation is partly caused by supply problems and partly by demand.

USD/RMB USDCNH daily line chart:

Technical analysis:

The daily chart shows that the short-term exchange rate quickly breaks the suppression level. The MACD runs near the 0 axis, but the capacity is insufficient. The RSI tends to strengthen. It is expected that the short-term exchange rate will further rise.

Empty turning point: 7.1500

Resistance level: 7.2600 7.3600

Support position: 7.0500 6.9500

Trading strategy: below 7.1500, bearish, with target prices of 7.0500 and 6.9500

Alternative strategy: above 7.1500, bullish, target price is 7.2600, 7.3600