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USDCNH: high adjustment

2023-05-28
777
Fundamental analysis:

The USD/RMB remained volatile around 7.07856. A recent report released by the National Laboratory for Finance and Development (NIFD) showed that in the first quarter of 2023, China's macro leverage ratio was 281.8%, an increase of 8.6 percentage points from the end of last year. Among them, the leverage ratio of non-financial enterprises hit a new high, and the leverage ratio of the household sector resumed its upward trend.

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



Brief technical analysis:

Looking at the 4-hour chart: after the high-level bulls rose, they encountered resistance and shocks in the short term, and the short-sellers waited for an opportunity to enter the market and began to adjust. In the short term, they may maintain a high-level and volatile trend.

Resistance: 7.08814 7.09990

Support levels: 7.06373 7.05385

Trading strategy: bearish below 7.07856, target 7.06373 7.05385
Alternative strategy: Bullish above 7.07856, target 7.08814 7.09990

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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