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USDCNH: Upside is good
2022-09-05
1075
Fundamental analysis:
Regarding the recent downward trend of the RMB exchange rate against the US dollar, many experts said in an interview that from a global perspective, the RMB is still a strong currency. The short-term pressure on the RMB exchange rate will not change the pattern of long-term stability.
USDCNH daily chart:
A brief technical analysis:
From the daily chart: the short-term exchange rate has surged, and it has gathered momentum. MACD is running on the 0-axis and the volume can continue to increase slightly. The RSI continues to rise. It is expected that the short-term exchange rate will likely rise further after gaining momentum.
Long-short turning point: 6.8225
Resistance: 6.9225 7.0225
Support level: 6.7000 6.5750
Trading strategy: above 6.8225, bullish, target price at 6.9225, 7.0225
Alternative strategy: below 6.8225, bearish, target price is 6.7000, 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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