USDCNH: bulls move up

The USD/RMB remained volatile around 7.26192. A number of major banks, represented by state-owned enterprises, have lowered their USD deposit interest rates, arousing market attention. Under the circumstance that the expectation of the Federal Reserve’s continued interest rate hike has cooled, major banks have appropriately lowered the domestic US dollar deposit interest rate, which is conducive to maintaining the competition order in the domestic US dollar deposit market, straightening out the domestic US dollar interest rate pricing mechanism, and alleviating the “inversion” of domestic US dollar deposit and loan interest rates, etc. question.

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

Looking at the 4-hour chart: the momentum of the high-level bulls keeps oscillating and moving up, the short-term bullish sentiment continues, the market bulls are constantly pulling up, the MACD indicator is weakly finishing above the 0 axis, and the RSI indicator is hovering weakly above the 50 balance line;

Resistance levels: 7.27171 7.28175

Support levels: 7.24661 7.23724

Trading strategy: Bullish above 7.25699, target 7.27171 7.28175

Alternative strategy: bearish below 7.25699, target 7.24661 7.23724