USDCNH: Multi head pulling vibration

Fundamental analysis:

The US dollar exchange rate against the RMB remained volatile around 7.14,634. According to the monthly report and data statistics of the RMB issued by SWIFT, in October 2022, in the ranking of global payment currencies based on amount statistics, the RMB remained the fifth most active currency in the world, accounting for 2.13%. Compared with September 2022, the total amount of RMB payment in that month decreased by 19.86%, and the total amount of all currency payments decreased by 7.97%. In October 2022, taking international payments outside the euro area as the statistical yardstick, the RMB ranked seventh, accounting for 1.52%.

USD/RMB USDCNH - 4-hour K line chart shows:

Technical analysis:

The 4-hour chart shows that the low bulls' momentum has remained volatile and has risen in the short term. The market is still bullish, and there are signs of obstacles in the high short term. The MACD index has remained volatile and moved up to the upper side of the 0 axis, and the RSI index is in the upper side of the 50 equilibrium line;

Multi empty turning point: 7.13402

Pressing: 7.16638, 7.18957

Support: 7.11327, 7.09068

Trading strategy: bullish above 7.13402, target 7.16638, 7.18957

Alternative strategy: bearish under 7.13402, target 7.11327, 7.09068