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USDCNH: Climb to High

Fundamental analysis:

USD/RMB remained volatile around 6.99405. Affected by factors such as global macroeconomic data and monetary policy expectations of major economies, the U.S. dollar index rose and global financial asset prices generally fell. Under the combined effects of exchange rate conversion and asset price changes, the scale of foreign exchange reserves fell that month. my country is working hard to promote a steady economic recovery and promote high-quality development. The economy has huge potential and development momentum, which is conducive to maintaining the basic stability of the scale of foreign exchange reserves.

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 rise, the short-term bullish sentiment is shrouded, the market bullish sentiment emerges, the bulls continue to move upward, the MACD indicator is in the bullish zone and continues to move upward, and the RSI indicator is in the bullish zone and slowly goes up;

Resistance levels: 7.00108 7.00864

Support levels: 6.98328 6.97595

Trading strategy: Bullish above 6.99087, target 7.00108 7.00864
Alternative strategy: bearish below 6.99087, target 6.98328 6.97595

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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