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Usdcnh: high short-term pullback consolidation
2022-08-18
1210
Fundamental analysis:
The USD / RMB fluctuated around 6.78930. On Tuesday, the central bank launched a 7-day reverse repurchase operation of 2 billion yuan through the open market. As there were 2 billion yuan of reverse repurchase and 600 billion yuan of MLF due on that day, a net withdrawal of 600 billion yuan was realized.
USD and RMB usdcnh - 4-hour K-line diagram shows:
Technical analysis:
According to the 4-hour chart, the high short power retreats and reorganizes, and the market bulls still have a further upward trend. The MACD index remains weak in the long area, and the RSI index is in the 50 balanced online narrow range consolidation;
Long and short turning point: 6.78481
Pressing position: 6.79736, 6.80605
Support position: 6.77612, 6.74782
Trading strategy: bullish above 6.78481, target 6.79736, 6.80605
Alternative strategy: bearish below 6.78481, targets 6.77612 and 6.74782
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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