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USDCNH: Bulls up

Fundamental analysis:

USD/RMB remained volatile around 6.95047. China's economic recovery is progressing better than expected, the market supply chain is stable, and the real estate market is also recovering. With the gradual improvement of consumer confidence, China's economic recovery may continue until 2024. UBS raised China's 2024 GDP growth forecast from 4.8% to 5.2%.

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, the short-term bullish sentiment remains, the market bulls continue to pull up, the MACD indicator is hovering above the 0 axis, and the RSI indicator is on the side of the 50 balance line;

Resistance levels: 6.95914 6.96765

Support levels: 6.93688 6.92809

Trading strategy: Bullish above 6.94567, target 6.95914 6.96765
Alternative strategy: bearish below 6.94567, target 6.93688 6.92809

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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