USDCNH: Bears plunge

Fundamental analysis:

USD/RMB fluctuated around 6.91801. The thirty-eighth meeting of the Standing Committee of the Thirteenth National People's Congress voted on the afternoon of December 30 to hold the first meeting of the Fourteenth National People's Congress. According to the decision, the first session of the 14th National People's Congress will be held in Beijing on March 5, 2023. The 13th National Committee of the Chinese People's Political Consultative Conference recently held a chairman's meeting and suggested that the first meeting of the 14th National Committee of the Chinese People's Political Consultative Conference be held in Beijing on March 4, 2023.

US dollar RMB USDCNH - the 4-hour K-line chart shows:

Brief technical analysis:

The 4-hour chart shows that the short-term momentum has fallen rapidly, and the short-term consolidation is low. The market’s short-term sentiment is good, and it may be entangled in the short-term.

Long-short turning point: 6.91135

Suppression: 6.92964, 6.93628

Support: 6.91135, 6.90472

Trading strategy: bearish below 6.91135, target 6.91135, 6.90472

Alternative strategy: Bullish above 6.91135, target 6.92964, 6.93628