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USDCNH: Bears move down
2023-07-05
755
Fundamental analysis:
The U.S. dollar against the renminbi remained volatile around 7.22763. Rong Yihua, the Shanghai headquarters of the People's Bank of China, said that it will continue to implement various policies and measures to facilitate foreign institutional investors to invest in China's bond market.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: the high-level short-term momentum continued to fluctuate and then moved down. The short-term decline has slightly weakened, but there are still signs of continued retracement. The MACD indicator is hovering below the 0 axis, and the RSI indicator is below the 50 balance line. ;
Resistance levels: 7.24427 7.25465
Support levels: 7.21616 7.20478
Trading strategy: bearish below 7.23356, target 7.21616 7.20478
Alternative strategy: bullish above 7.23356, target 7.24427 7.25465
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.
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