USDCNH: The uptrend is good

Fundamental analysis:

On October 20, Zhang Jianhua, director of the National Energy Administration, held a video meeting with Saudi Energy Minister Abdullah Aziz Salman. The two sides agreed that it is of great significance for China and Saudi Arabia, as important global energy producers and consumers, to exchange views on a regular basis. The two sides are ready to work together to maintain the stability of the international oil market, continue to maintain close communication, strengthen cooperation, and jointly address risks and challenges. Both sides agreed that the current complex and volatile international situation has brought many unstable factors to the oil market, but long-term reliable supply of oil is crucial to the overall stability of the market. Saudi Arabia will continue to be China's most reliable partner and supplier of crude oil

Usd RMB USDCNH daily chart:

Technical analysis:

The daily chart shows that the short-term exchange rate is gathering momentum after a small rebound, MACD is running on the 0 axis and the volume can increase slightly, RSI is hovering near the oversold area, and it is expected that the short-term exchange rate will be more likely to rise after falling.

Long/short turning point: 7.0500

Resistance: 7.1500 7.2600

Support: 6.9500 6.8500

Trading STRATEGY: Above 7.0500, bullish with 7.1500, 7.2600 targets

Alternative strategy: Below 7.0500, bearish, target 6.9500, 6.8500