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USDCNH: Bears on the downside

2023-09-01
677
Fundamental analysis:

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:



Brief technical analysis:

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

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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