CM Trade

Download APP to receive bonus


USDCNH: Bears fall

Fundamental analysis:

The USD/RMB remained volatile around 6.87836, and China’s official manufacturing PMI in February was expected to jump to 52.6, the highest in nearly 11 years, which boosted the RMB and the Australian dollar. Official data showed that growth in China's non-manufacturing activity accelerated in February, while Caixin/S&P Global's February manufacturing PMI data also beat market expectations.

US dollar RMB USDCNH - the 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum continues to fall, the short-term decline has not stopped, the market as a whole is in a weak position, the MACD is in the bearish area and continues to move down, and the RSI indicator is in a weak order below the 50 balance line;

Long-short turning point: 6.88200

Suppression: 6.89456, 6.90816
Support: 6.86561, 6.85410

Trading strategy: bearish below 6.88200, target 6.86561, 6.85410
Alternative strategy: Bullish above 6.88200, target 6.89456, 6.90816

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.

Free Access
Daily Trading Strategy
Download Now

CM Trade Mobile Application

Economics Calendar