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USDCNH: high move up
2023-04-23
831
Fundamental analysis:
USD/RMB remained oscillating around 6.90086. According to the China Foreign Exchange Trading System’s currency basket, the RMB multilateral exchange rate index rose by 1.3%, while the emerging market currency index rose by 1.1% over the same period. From the perspective of changing trends, the recent trend of the RMB exchange rate has become more stable.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of high-level bulls continues to fluctuate and rise, and there are signs of continuing to go up and try to break through the previous high-level nodes in the short term.
Resistance levels: 6.90504 6.91006
Support levels: 6.89412 6.88925
Trading strategy: Bullish above 6.89899, target 6.90504 6.91006
Alternative strategy: bearish below 6.89899, target 6.89412 6.88925
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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