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USDCNH: high move up

Fundamental analysis:

USD/CNY remained volatile around 6.97868. As the Fed continues to raise interest rates to fight inflation, investors should look for investment opportunities outside the US, especially in China. Chinese assets offer significant diversification relative to almost anything you can buy. This is definitely a diversification exercise that investors should take very seriously.

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

Brief technical analysis:

Looking at the 4-hour chart: the momentum of the high-level bulls keeps oscillating and moving upwards, short-term bullish sentiment emerges, the market bulls continue to pull up, the MACD indicator is in the bullish area to maintain consolidation, and the RSI indicator is hovering above the 50 balance line;

Resistance levels: 6.98854 6.99697

Support levels: 6.96800 6.95984

Trading strategy: Bullish above 6.97538, target 6.98854 6.99697
Alternative strategy: bearish below 6.97538, target 6.96800 6.95984

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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