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On May 27, the Taiwan Affairs Office of the State Council held a regular press conference. A reporter asked: Regarding Lai Ching-tes speech on the second anniversary of his inauguration, some media outlets in Taiwan have pointed out that the DPPs current strategy has gradually shifted from pursuing "de jure Taiwan independence" to "substantive Taiwan independence in terms of identity and culture." What is your comment on this? Spokesperson Chen Binhua stated that there is only one China in the world, and Taiwan is a part of China. This is an unshakeable historical and legal fact, as well as a universal consensus of the international community. We will never tolerate or condone any form of "Taiwan independence" separatist activities.On May 27, the State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan," introducing the relevant situation of "Promoting the Rule of Law in All Aspects." At the press conference, Huang Wei, Deputy Director of the Legislative Affairs Commission of the Standing Committee of the National Peoples Congress (NPC), introduced the implementation of the 15th Five-Year Plan outline and the legislative plan of the NPC Standing Committee. 2026 is the first year of the 15th Five-Year Plan, with 15 draft laws scheduled for continued deliberation, 19 draft laws scheduled for initial deliberation, and some projects to be reviewed in advance. Regarding accelerating the construction of a high-level socialist market economy system, the government will formulate the Law on Farmland Protection and Quality Improvement and the State-owned Assets Law, and amend the Enterprise Bankruptcy Law, Trademark Law, Certified Public Accountants Law, Enterprise State-owned Assets Law, Bidding and Tendering Law, Government Procurement Law, Price Law, Agriculture Law, and Tax Collection and Administration Law. The government will accelerate legislation in the financial sector, formulating the Financial Law and the Financial Stability Law, amending the Banking Supervision and Management Law and the Peoples Bank of China Law, and focusing on strengthening research and argumentation work on other legislation and amendments in the financial sector.On May 27, Teng Jiguo, Deputy Secretary-General of the Central Political and Legal Affairs Commission, stated at a press conference held by the State Council Information Office that during the 15th Five-Year Plan period, strict law enforcement will be further promoted. The government will punish, according to law, illegal and criminal activities that have drawn strong public condemnation, such as telecommunications and internet fraud, gambling, drugs, illegal fundraising, and financial fraud. It will also improve the normalized mechanism for combating organized crime, effectively deterring crime and protecting the people.Bank of Japan official: Japans employment and income situation has improved moderately.A Bank of Japan official stated that Japans financial conditions remain accommodative, supporting economic activity.

The chances of a bearish reversal for the USD/CHF rise as bears test the 200-EMA

Daniel Rogers

Jul 19, 2022 11:59

 截屏2022-07-19 上午10.03.58.png

 

The USD/CHF pair has gone sideways after exhibiting volatile volatility on Monday. The asset will likely trade sideways until volatility decreases since it hits resistance at 0.9780. As a result of failing to exceed the crucial resistance level of 0.09000, the asset saw a substantial fall.

 

A major negative reversal was foreseen by the formation of the Double Top chart pattern when the price failed to maintain its position above Tuesday's high at 0.9859. The aforementioned chart pattern frequently indicates waning demand at high levels. A negative reversal is now more likely as a result of the development of a selling tail around high levels.

 

Following the formation of a double top, the asset is forming an initiative selling structure, which points to the entry of those investors who start short positions after a bearish bias has been created. At 0.9767, the major is forming an initiative structure inside the 200-Exponential Moving Average (EMA) border, demonstrating that market participants are respecting the significant EMA.

 

However, the Relative Strength Index (RSI) (14), which signals an oncoming consolidation, has shifted into a range between 40.00 and 60.00. The asset will reach the July 5 top of 0.9705 with a sharp decrease below the July 13 low of 0.9758. If the latter barrier is breached, the asset will be more vulnerable to losses up to the 1. July high of 0.9642.

 

Alternatively, following Wednesday's violation of the 0.9827 high, the dollar bulls may defend the double top pattern. The asset will be propelled by this to its top on Thursday of 0.9886 and then encounter psychological resistance at 1.0000.


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