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USDCNH: Bears on the downside
2023-07-11
766
Fundamental analysis:
The USD/RMB remained volatile around 7.22837. The China Association of Small and Medium Enterprises announced that as policies and measures to promote economic recovery continue to take effect, my country's economy as a whole maintained a recovery trend, and the SME development index stopped falling and rebounded.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The short-term momentum remains volatile and downward, and the short-term decline may continue. The market as a whole is in a downward trend of short positions. The MACD indicator is below the 0 axis and slowly descending, and the RSI indicator is below the 50 balance line.
Resistance levels: 7.23919 7.24642
Support levels: 7.22053 7.21241
Trading strategy: bearish below 7.23129, target 7.22053 7.21241
Alternative strategy: Bullish above 7.23129, target 7.23919 7.24642
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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