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USDCNH: oscillating up
2022-12-22
1231
Fundamental analysis:
USD/RMB remained oscillating around 6.98701, and China’s central bank invested 158 billion yuan in the open market today. Today, a 7-day reverse repurchase operation of 19 billion yuan is carried out, and a 14-day reverse repurchase operation of 141 billion yuan is carried out.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of the bulls maintains a wide range of shocks and rises, short-term bullish sentiment emerges, the bulls continue to climb, the MACD indicator is hovering around the 0 axis, and the RSI indicator is weakly finishing above the 50 balance line;
Long-short turning point: 6.98189
Compression: 6.99660, 7.00460
Support: 6.97235, 6.96332
Trading strategy: Bullish above 6.98189, target 6.99660, 7.00460
Alternative strategy: bearish below 6.98189, target 6.97235, 6.96332
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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