USDCNH: bear shock moves down

Fundamental analysis:

The US dollar/RMB exchange rate remained volatile at around 7.04333. According to CCTV, the seventh national population census data shows that China's population aged 60 and above has reached 264 million. It is estimated that during the "Fourteenth Five Year Plan" period, the number will exceed 300 million, and China will enter the stage of moderate aging from mild aging. During the "Fourteenth Five Year Plan" period, China will further promote the development of combination of medical care and nursing care.

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

Technical analysis:

The 4-hour chart shows that the bearish momentum maintains a narrow range of shocks and slowly declines. The short-term decline may continue. The market bearish sentiment starts to pour in. The MACD indicator remains weak in the bearish area and the RSI indicator remains hovering in the bearish area;

Empty turning point: 7.04333

Pressing position: 7.06376, 7.08474

Support position: 7.01738, 7.00136

Trading strategy: 7.04333 lower bearish, target 7.01738, 7.00136

Alternative strategy: bullish above 7.04333, target 7.06376, 7.08474