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USDCNH: Bulls rise
2023-09-06
481
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
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