Ultima Markets【 Market Analysis 】 The RMB is steadily rising, and building a top and right shoulder may lead to...

Today's Focus--USD to RMB。

FundamentallyThe Federal Reserve is still in a strong region in the short term, but due to the significant depreciation of the RMB relative to the US dollar in the early stage, and the steady recovery of the domestic economy, the RMB has steadily risen against a basket of currencies.

Against the backdrop of no changes in interest rates between China and the United States. If there is no additional news stimulation, the trend direction needs to wait for key prices to break through in order to attract off market investors.

Technically speakingOn the daily chart, the US dollar is touching against the Chinese yuan33The rebound after the daily moving average is suspected to be the right shoulder structure at the top of the head and shoulders.

Daily chart of USD/RMB, sourceUltima Markets MT4）

The deviation from the top of the random fluctuation index and the current weak upward trend all testify to the current lack of motivation for the depreciation of the RMB.

(USD to RMB)4Hour chart, sourceUltima Markets MT4）

4On the hourly chart, the recent rebound of the US dollar against the Chinese yuan has reached a high point9month14Daily rebound height1.618Times, waiting for the market to fall below65After the cyclical moving average, it can be further confirmed whether the market rebound has ended.

(USD RMB)1Hourly cycle chart, sourceUltima Markets MT4）

It is worth noting that,1The moving average group on the hourly chart still supports the market, and the random fluctuation indicator is also in the50In the middle region, the bullish and bearish forces are currently evenly matched, and we need to wait for the market to fall below the moving average before confirming the arrival of bearish positions.

(USD RMB)1Hourly cycle chart, sourceUltima Markets MT4）

according toUltima Markets MT4InpivotIndicator, daily central price level7.31286，

7.31286Upward bullish, first goal7.32288Second objective7.33139

7.31286Under bearish, first target7.30435Second objective7.29450

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