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Usdcnh: short power drops rapidly
2022-08-11
1397
Fundamental analysis:
The USD / RMB fluctuated around 6.72150, and food prices rose 3% month on month, driving China's CPI up 0.5 percentage points month on month. However, considering that the low price effect of last year's pig price has significantly reduced its weight in the CPI basket this year (this year's weight is 1.3%), the year-on-year increase of CPI in July still maintained a moderate upward trend, with an increase of 2.7%, slightly lower than the market expectation.
USD and RMB usdcnh - 4-hour K-line diagram shows:
Technical analysis:
According to the 4-hour chart, the market's short-term momentum is falling rapidly, and the short-term decline may continue. The MACD index is at the lower side of the 0 axis and continues to decline, while the RSI index is at the lower side of the 50 equilibrium line and is in a narrow range;
Long and short turning point: 6.72476
Pressing position: 6.73107, 6.73724
Support position: 6.71506, 6.70843
Trading strategy: bearish below 6.72476, targets 6.71506 and 6.70843
Alternative strategy: bullish above 6.72476, targets 6.73107 and 6.73724
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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