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USDCNH: high down

2023-05-04
866
Fundamental analysis:

The USD/RMB remained volatile around 6.91940. The International Monetary Fund (IMF) recently released an economic outlook report for the Asia-Pacific region. It is estimated that the economic growth rate of the Asia-Pacific region will be 4.6% in 2023, higher than the growth rate of 3.8% in 2022. Among them, China's economy is expected to grow by 5.2%, which will become a key factor driving the growth of the Asia-Pacific region.

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 remains volatile and downward, the short-term decline may continue, the market as a whole is in a bearish trend, the MACD indicator is hovering below the 0 axis, and the RSI indicator is below the 50 balance line.

Resistance levels: 6.93279 6.94016

Support levels: 6.91168 6.90382

Trading strategy: bearish below 6.92395, target 6.91168 6.90382
Alternative strategy: Bullish above 6.92395, target 6.93279 6.94016

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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