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USDCNH: Fluctuating at low levels

2023-09-03
637
Fundamental analysis:

The USD/RMB remained volatile around 7.26930. The Central Bank of China lowered the reserve requirement ratio for foreign exchange deposits of financial institutions from the current 6% to 4%. China's Caixin manufacturing PMI in August hit 51, the fastest growth rate in six months.

US dollar RMB USDCNH - the 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: The low level remains volatile in the short term, the bullish sentiment in the market begins to pick up, and there are signs of continued volatility in the short term. The MACD indicator is in the short zone and maintains consolidation, and the RSI indicator is hovering weakly below the 50 equilibrium line;

Resistance levels: 7.27685 7.28418

Support levels: 7.25906 7.25238

Trading strategy: Bullish above 7.26634, target 7.27685 7.28418
Alternative strategy: bearish below 7.26634, target 7.25906 7.25238

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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