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USDCNH: bulls move up

Fundamental analysis:

USD/RMB remained oscillating around 6.92155, according to the press conference of the First Session of the 14th National People's Congress. The first session of the 14th National People's Congress will hold a press conference at 12 o'clock on March 4 (Saturday) in the press conference hall of the Great Hall of the People.

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

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum continues to fluctuate upwards, short-term bullish sentiment emerges, the MACD indicator is in the short area and moves upward, and the RSI indicator is hovering around the 50 balance line;

Long and short turning point: 6.91558

Suppression: 6.93343, 6.94304
Support: 6.90425, 6.89258

Trading strategy: Bullish above 6.91558, target 6.93343, 6.94304
Alternative strategy: bearish below 6.91558, target 6.90425, 6.89258

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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