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RMB: high short volatility downward
2022-08-04
1307
Fundamental analysis:
The USD / RMB remained volatile around 6.75820. With the overall relaxation of epidemic prevention measures and the continuous promotion of resumption of work and production, the Caixin China general service industry business activity index (service industry PMI) released on August 3 recorded 55.5 in July, an increase of 1.0 percentage points over June. It was in the expansion range for the second consecutive month and hit a new high since May 2021.
USD and RMB usdcnh - 4-hour K-line diagram shows:
Technical analysis:
Looking at the 4-hour chart: the power of high short positions remained volatile and slowly declined, the amplitude space narrowed, and the market as a whole was still weak. The MACD index remained weak in the long position and moved down to the upper side of the 0 axis, and the RSI index was weak near the 50 equilibrium line;
Long short turning point: 6.76129
Pressing position: 6.76765, 6.77522
Support position: 6.75155, 6.74589
Trading strategy: bearish below 6.76129, target 6.75155, 6.74589
Alternative strategy: bullish above 6.76129, targets 6.76765, 6.77522
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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