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