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USDCNH: Bears plunge

2023-01-03
593
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

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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