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USDCNH: continues to move down

Fundamental analysis:

The US dollar remained volatile against the RMB at around 7.27129. The People's Bank of China announced that it will issue 15 billion yuan of six-month central bank bills in Hong Kong, of which 5 billion yuan will be a rolling renewal and 10 billion yuan will be an additional issuance. This is the second additional issuance by the central bank within a month. Offshore central bank bills.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum continues to fluctuate and continues to decline, the short-term decline may continue, the overall bearish sentiment in the market is shrouded, the MACD indicator is in the short area and continues to decline, and the RSI indicator is hovering at the maintenance level of the short area;

Resistance level: 7.28491 7.29293

Support level: 7.26390 7.25564

Trading strategy: Bearish below 7.27594, target 7.26390 7.25564
Alternative strategy: bullish above 7.27594, target 7.28491 7.29293

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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