USDCNH: Bears on the downside

The U.S. dollar remained fluctuating around 7.27430 against the yuan. According to the Securities Times, starting from September 1, many national banks have further lowered their deposit interest rates by 10-25 basis points. Pan Gongsheng, Secretary of the Party Committee and Governor of the Central Bank: Smooth the three financing channels of stocks, bonds and loans for private enterprises. China's official manufacturing PMI in August was 49.7 and non-manufacturing PMI was 51.0.

US dollar, yuan, USDCNH - 4-hour K-line chart shows:

Looking at the 4-hour chart: the short-term momentum continues to fluctuate downwards, the short-term decline may continue, the market as a whole continues to move downwards, the MACD indicator is hovering near the 0 axis, and the RSI indicator is weakly consolidating below the 50 equilibrium line;

Resistance level: 7.28418 7.29070

Support level: 7.26749 7.26135

Trading strategy: Bearish below 7.27747, target 7.26749 7.26135

Alternative strategy: bullish above 7.27747, target 7.28418 7.29070