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USDCNH: high move up

Fundamental analysis:

The USD/RMB remained volatile around 6.90503. The China Council for the Promotion of International Trade systematically tracked the economic and trade measures of 20 countries (regions), and global economic and trade frictions and conflicts showed high fluctuations. In December 2022, the global economic and trade friction index is 222, which is at a high level, an increase of 75 points compared with November, and an increase of 145 points compared with the same period of the previous year, indicating that the global economic and trade friction conflicts are showing high fluctuations and intensified conflicts.

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

Brief technical analysis:

Looking at the 4-hour chart: the high-level bullish momentum remains volatile and moves up, the short-term bullish sentiment remains, the MACD indicator is in the bullish zone and is slowly rising, and the RSI indicator is in the bullish zone and keeps moving upward;

Long-short turning point: 6.90084

Suppression: 6.91306, 6.92248
Support: 6.89242, 6.88305

Trading strategy: Bullish above 6.90084, target 6.91306, 6.92248
Alternative strategy: bearish below 6.90084, target 6.89242, 6.88305

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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