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USDCNH: Low position down
2022-11-14
1148
Fundamental analysis:
The US dollar/RMB remained volatile around 7.08471. In response to the joint prevention and control mechanism of the novel coronavirus pneumonia epidemic, the State Council issued a plan to further optimize the prevention and control measures of the COVID-19, proposing that the number of secret contact personnel should be adjusted from 7+3 to 5+3, no longer determine the secret contact of secret contact, and cancel the circuit breaker mechanism of inbound flights.
USD/RMB USDCNH - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the bearish shock continues to decline. Although the short-term downward mobility of the low position has weakened, the downward trend remains the same. The MACD indicator continues to decline in the short position area, while the RSI indicator is in the low position in the short position area;
Empty turning point: 7.09181
Pressing: 7.10967, 7.12927
Support: 7.06529, 7.04915
Trading strategy: 7.09181 lower bearish, target 7.06529, 7.04915
Alternative strategy: 7.09181 upside bullish, target 7.10967, 7.12927
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