USDCNH: Keep buying above 6.65

Fundamental analysis:

A series of solid and stabilizing economic policies have achieved remarkable results. my country's economy has overcome the adverse effects of unexpected factors and has shown a trend of stabilization and recovery. Especially in the second quarter, the economy has achieved positive growth and stabilized the economic market. The results are hard-won. However, it should also be noted that the risk of stagflation in the world economy is on the rise, the policies of major economies tend to be tightened, external factors of instability and uncertainty have increased significantly, the impact of the domestic epidemic has not been completely eliminated, demand contraction and supply shocks are intertwined, structural contradictions and cyclical The problems are superimposed, the operation of market entities is still relatively difficult, and the foundation for sustained economic recovery is not stable.

USDCNH daily chart:

A brief technical analysis:

From the daily chart: the price uptrend is weak and then falls back slightly. MACD is running on the 0 axis and the volume can continue to increase slightly. RSI starts to rise. It is expected that the short-term exchange rate will likely rise further.

Long-short turning point: 6.6416

Resistance: 6.7600 6.8870

Support level: 6.5385 6.4260

Trading strategy: above 6.6416, bullish, target price is 6.7600, 6.8870

Alternative strategy: below 6.6416, bearish, target price at 6.5385, 6.4260