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USDCNH: Support remains strong
2022-07-14
1209
Fundamental analysis:
The U.S. economy grew at a moderate pace from mid-May to mid-July, as the Fed's latest aggressive actions to curb inflation continued to take effect, the Federal Reserve's Beige Book on economic conditions showed.
USDCNH daily chart:
A brief technical analysis:
From the daily chart: the price started to go up after several days of convergence and consolidation. MACD was running on the 0-axis and the volume could continue to shrink slightly. The RSI trend was flat.
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
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