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USDCNH: high down

Fundamental analysis:

The U.S. dollar against the renminbi remained oscillating around 6.95951. According to documents from the Ministry of Finance, in January 2023, 625.8 billion yuan of new bonds will be issued across the country, including 134.6 billion yuan of general bonds and 491.2 billion yuan of special bonds. A total of 17.7 billion yuan of refinancing bonds were issued across the country, including 10.3 billion yuan of general bonds and 7.4 billion yuan of special bonds.

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

Brief technical analysis:

Looking at the 4-hour chart: the high-level short-term momentum continues to move down, the short-term decline may continue, the market as a whole begins to move down slowly, the MACD indicator is in the high-level retracement of the bullish zone, and the RSI indicator is in the bullish zone for consolidation;

Long-short turning point: 6.96556

Suppression: 6.97877, 6.98945
Support: 6.94613, 6.93252

Trading strategy: bearish below 6.96556, target 6.94613, 6.93252
Alternative strategy: bullish above 6.96556, target 6.97877, 6.98945

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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