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USDCNH: Continue to rise

2023-03-16
891
Fundamental analysis:

USD/RMB remained volatile around 6.89037. According to data released by the China Foreign Exchange Trade System, bond market transactions decreased slightly on March 15, and the spot bond market turnover was 1.27 trillion yuan, a decrease of 10.7% from the previous one. The trading volume of interest rate swaps was 87.29 billion yuan, a decrease of 40.9% from the previous day.

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 at a low level, short-term bullish sentiment emerges, the market is weak and retreats, but the upward trend remains, the MACD indicator is in the bearish area and moves upward, and the RSI indicator is hovering below the 50 balance line;

Resistance levels: 6.90077 6.91025

Support levels: 6.87322 6.86281

Trading strategy: Bullish above 6.88393, target 6.90077 6.91025
Alternative strategy: bearish below 6.88393, target 6.87322 6.86281

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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