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USDCNH: Bears move down
2023-07-09
710
Fundamental analysis:
USD/RMB remained volatile around 7.22855, and the onshore RMB/USD officially closed at 7.2336 at 16:30 Beijing time, up 129 points from the official closing price of the previous trading day and 153 points from the previous night’s closing price.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum is moving downwards, the short-term decline may continue, the market as a whole is constantly moving downwards, the MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is hovering weakly below the 50 balance line;
Resistance levels: 7.24154 7.24889
Support levels: 7.22053 7.21241
Trading strategy: bearish below 7.23242, target 7.22053 7.21241
Alternative strategy: bullish above 7.23242, target 7.24154 7.24889
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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