USDCNH: Bears plunge

USD/RMB remained volatile around 6.92707. In February, the People’s Bank of China, the cross-border RMB settlement amount under the current account was 948.7 billion yuan, of which trade in goods, trade in services and other current accounts were 752.9 billion yuan and 195.8 billion yuan respectively; cross-border direct investment The RMB settlement amount was 537.8 billion yuan, of which foreign direct investment and foreign direct investment were 183.3 billion yuan and 354.5 billion yuan respectively.

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

Looking at the 4-hour chart: the short-term momentum rebounded after a rapid decline, but the downward trend is good, the market as a whole is in a bearish mood, the MACD indicator is in the bullish area and moves downward, and the RSI indicator is hovering weakly below the 50 balance line;

Resistance levels: 6.93021 6.94750

Support levels: 6.91958 6.91168

Trading strategy: bearish below 6.93021, target 6.91958 6.91168

Alternative strategy: Bullish above 6.93021, target 6.93021 6.94750