USDCNH: Bears plunge

USD/RMB remained oscillating around 7.11872. According to data from the National Bureau of Statistics, the resilience of foreign trade continued to emerge in May. In May, the total import and export volume increased by 0.5% year-on-year, in stark contrast to the decline in foreign trade in some emerging economies. From January to May, my country's total foreign trade imports and exports to countries along the "Belt and Road" increased by 13.2% year-on-year, and continued to maintain rapid growth.

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

Looking at the 4-hour chart: the short-term momentum has fallen sharply, the short-term decline may continue, the market as a whole continues to move downward, the MACD indicator maintains shocks and moves down to the lower side of the 0 axis, and the RSI indicator is in a weak position below the 50 balance line;

Resistance levels: 7.13192 7.14028

Support levels: 7.11114 7.10329

Trading strategy: bearish below 7.12330, target 7.11114 7.10329

Alternative strategy: Bullish above 7.12330, target 7.13192 7.14028