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USDCNH: Bulls up

2023-09-07
665
Fundamental analysis:

The U.S. dollar remained fluctuating around 7.31984 against the yuan. Jiao Jinhong, chief lawyer of the China Securities Regulatory Commission: We are working hard to formulate and implement an action plan for the reform of the investment side of the capital market and an action plan for the construction of a modern industrial system for capital market services.

US dollar, yuan, USDCNH - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: The bullish momentum fluctuates and moves upwards, short-term bullish sentiment is shrouded, the market bulls are rising, the MACD indicator is in the bullish zone and continues to rise, and the RSI indicator is in the bullish zone and maintains consolidation;

Resistance level: 7.32627 7.33297

Support level: 7.30921 7.30250

Trading strategy: Bullish above 7.31611, target 7.32627 7.33297
Alternative strategy: bearish below 7.31611, target 7.30921 7.30250

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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