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USDCNH: Multiple parties may make another effort
2022-08-19
1164
Fundamental analysis:
St. Louis Fed President Bullard supports a 75-basis-point rate hike in September, and market expectations for a 75-basis-point rate hike next month rose from 42% to 50%. If so, the Fed will raise rates by 75 basis points for the third time in a row, something it has never done in its modern history. Ironically, Kansas Fed President George said the Fed has "done a lot" on raising rates.
USDCNH daily chart:
A brief technical analysis:
From the daily chart: the price continues to rise in the short-term, the MACD is running on the 0-axis and the volume is slightly heavy, and the RSI continues to rise.
Long-short turning point: 6.6420
Resistance: 6.7600 6.8870
Support level: 6.5375 6.4260
Trading strategy: above 6.6420, bullish, target price at 6.7600, 6.8870
Alternative strategy: below 6.6420, bearish, target price at 6.5375, 6.4260
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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