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USDCNH: Upside is good
2022-08-28
1175
Fundamental analysis:
The U.S. dollar index strengthened for the second week in a row, rising to 109.276, the highest since mid-July, but has given back most of the gains. Market sentiment turned cautious as Fed Chairman Jerome Powell has yet to speak at the annual meeting of global central banks. Powell's speech may give clues on whether aggressive rate hikes will continue in the future.
USDCNH daily chart:
A brief technical analysis:
From the daily chart: the price continues to rise slightly, the MACD runs on the 0-axis and the volume can continue to increase slightly, the RSI continues to rise, and it is expected that the short-term exchange rate will likely continue to rise further.
Long-short turning point: 6.6420
Resistance: 6.7600 6.8870 7.0000
Support level: 6.5375 6.4260
Trading strategy: above 6.6420, bullish, target price at 6.7600, 6.8870, 7.0000
Alternative strategy: below 6.6420, bearish, target price at 6.5375, 6.4260
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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