Usdcnh: maintain the upward trend

Fundamental analysis:

The US dollar index continued to rise, coupled with the domestic interest rate cut, the exchange rate of RMB against the US dollar was naturally under pressure. Nevertheless, compared with the recent sharp drop in the exchange rates of the euro and the Korean won, the performance of the RMB is still strong on the whole. The moderate depreciation of RMB is conducive to maintaining export competitiveness and maintaining the economic operation within a reasonable range against the background of the global economic downturn.

USD / RMB usdcnh daily chart:

Technical analysis:

According to the daily chart, the short-term price continues to rise slightly. MACD operates on the 0 axis and the volume can be increased slightly. RSI falls slightly. It is expected that the short-term exchange rate will further rise after stepping back.

Long and short turning point: 6.6420

Resistance level: 6.7600 6.8870 7.0000

Support position: 6.5375 6.4260

Trading strategy: above 6.6420, bullish, with target prices of 6.7600, 6.8870 and 7.0000

Alternative strategy: under 6.6420, bearish, with target prices of 6.5375 and 6.42