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USDCNH: high move up
2023-06-11
787
Fundamental analysis:
The U.S. dollar against the renminbi remained oscillating around 7.14194. Hong Kong will actively promote the issuance and trading of renminbi-denominated Hong Kong stocks, and actively promote more mainland institutions to issue offshore renminbi bonds in Hong Kong.
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 remains volatile and rising, the short-term bullish sentiment remains, the bulls in the market continue to move up, the MACD indicator is in the bullish zone, and the RSI indicator is hovering above the 50 balance line;
Resistance levels: 7.14941 7.15660
Support levels: 7.13120 7.12401
Trading strategy: bearish below 7.13862, target 7.13120 7.12401
Alternative strategy: Bullish above 7.13862, target 7.14941 7.15660
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