USDCNH: Climb to High

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:

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