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USDCNH: Bears move down
2023-03-23
866
Fundamental analysis:
The USD/RMB remained volatile around 6.85378. The working group of the Chinese Ministry of National Defense held the 8th Sino-Australian Ministry of National Defense Working Meeting with the Australian side in Canberra, Australia. Exchanges and cooperation were negotiated, which further enhanced mutual understanding and was conducive to the healthy and stable development of the relationship between the two militaries.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: After the low short-term narrow-range adjustment and translation, the short-term sentiment emerged, the short-term rapid decline, and the market continued to move downward.
Resistance levels: 6.86940 6.87947
Support levels: 6.84378 6.83524
Trading strategy: bearish below 6.85873, target 6.84378 6.83524
Alternative strategy: Bullish above 6.85873, target 6.86940 6.87947
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