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USDCNH: high move up

2023-05-24
738
Fundamental analysis:

USD/RMB fluctuated around 7.06337. The Japanese government officially introduced export control measures targeting 23 types of semiconductor manufacturing equipment. This is an abuse of export control measures and a serious departure from free trade and international economic and trade rules. China firmly opposes this.

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 is shrouded, the bullish momentum in the market continues to rise, the MACD indicator is at a high level in the bullish zone, and the RSI indicator is hovering at a high level in the bullish zone;

Resistance levels: 7.07412 7.08352

Support levels: 7.04625 7.03782

Trading strategy: Bullish above 7.05597, target 7.07412 7.08352
Alternative strategy: bearish below 7.05597, target 7.04625 7.03782

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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