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USDCNH: high move up
2023-06-14
763
Fundamental analysis:
USD/RMB remained oscillating around 7.17460. In order to maintain reasonable and sufficient liquidity in the banking system, a 2 billion 7-day reverse repurchase operation was carried out through interest rate bidding on June 13. The winning bid rate was 1.9%, down 10BP from the previous trading day. The 7-day reverse repurchase operation interest rate is the short-term policy interest rate, and this reduction means that the policy interest rate cut has started.
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 upwards, the market is still bullish, the short-term bulls continue to pull up, the MACD indicator is in the bullish zone and continues to move upward, and the RSI indicator is in the bullish zone and continues to organize;
Resistance levels: 7.18292 7.19046
Support levels: 7.16089 7.15347
Trading strategy: Bullish above 7.17005, target 7.18292 7.19046
Alternative strategy: bearish below 7.17005, target 7.16089 7.15347
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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