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USDCNH: high move up

2023-05-23
1008
Fundamental analysis:

The U.S. dollar remained volatile around 7.04336 against the yuan, and the yuan climbed from a five-month low against the U.S. dollar, up 0.21% to 7.0212 yuan. The central bank said on Friday it would curb speculation and urged major players to keep the market stable and may take more action to prevent the yuan from weakening.

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 continues to fluctuate and rise, and the short-term bullish sentiment is shrouded. The market bulls are constantly moving upwards. The MACD indicator is in the long-term zone to maintain consolidation, and the RSI indicator is in the long-term zone to maintain shocks;

Resistance levels: 7.05263 7.06206

Support levels: 7.02824 7.01946

Trading strategy: Bullish above 7.03897, target 7.05263 7.06206
Alternative strategy: bearish below 7.03897, target 7.02824 7.01946

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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