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USDCNH: high order
2023-05-31
768
Fundamental analysis:
The U.S. dollar against the renminbi remained volatile around 7.08885, and the renminbi weakened again. The offshore renminbi fell below the 7.1 mark to 7.1065 against the U.S. dollar for the first time since November 2022; For the first time since November. The U.S. dollar has regained strength recently and is currently back above the 104 mark, a new high since mid-March this year.
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 upward, the short-term bullish sentiment remains, the market as a whole continues to move upward, the MACD indicator is in the bullish zone, and the RSI indicator is hovering weakly above the 50 balance line;
Resistance levels: 7.09963 7.10901
Support levels: 7.07355 7.06382
Trading strategy: Bullish above 7.08398, target 7.09963 7.10901
Alternative strategy: bearish below 7.08398, target 7.07355 7.06382
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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