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USDCNH: Bulls rise

Fundamental analysis:

The U.S. dollar remained fluctuating around 7.30350 against the yuan. Wang Zhe, senior economist at Caixin Think Tank, said that the manufacturing climate improved in August, the growth momentum of the service industry slowed down, and the downward pressure on the economy is still great.

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 and rise, and then encounters resistance in the short term. The market's bullish sentiment remains, and it continues to move upward in the short term. The MACD indicator is weakly finishing above the 0 axis, and the RSI indicator is weakly hovering above the 50 equilibrium line;

Resistance level: 7.31001 7.31729

Support level: 7.29363 7.28716

Trading strategy: Bullish above 7.30011, target 7.31001 7.31729
Alternative strategy: bearish below 7.30011, target 7.29363 7.28716

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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