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USDCNH: high move up
2023-06-13
729
Fundamental analysis:
The U.S. dollar against the RMB remained oscillating around 7.15422. Li Chunlin, deputy director of the National Development and Reform Commission, met with the Armenian Minister of Economy Korobyan in Beijing. The two sides mainly exchanged views on strengthening policy and experience exchanges in the field of economic and social development, and deepening cooperation in the fields of joint construction of the "Belt and Road" and production capacity investment.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level long-term dynamics remain volatile and continue to move upward, the market is still bullish, and there is a short-term upward trend. The MACD indicator is in the bullish area and the RSI indicator is at the 50 balance line. The market is weak;
Resistance levels: 7.16252 7.16987
Support levels: 7.14418 7.13736
Trading strategy: Bullish above 7.15036, target 7.16252 7.16987
Alternative strategy: bearish below 7.15036, target 7.14418 7.13736
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