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USDCNH: high retracement

Fundamental analysis:

The U.S. dollar against the renminbi maintains a shock around 6.87663. The latest monthly report and statistics on the renminbi released by the Society for Worldwide Interbank Financial Telecommunication (Swift) show that in January 2023, in the ranking of global payment currencies based on amount statistics, the renminbi will remain the fifth most active in the world The position of the currency, accounting for 1.91%.

US dollar RMB USDCNH - the 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum continues to fluctuate and rise, the high level is short-term resistance and retracement, the market’s bearish sentiment continues to move down, the MACD indicator is in the bullish zone, and the RSI indicator is in the bullish zone and slowly retreats;

Long-short turning point: 6.87663

Suppression: 6.88765, 6.89901
Support: 6.86029, 6.84946

Trading strategy: bearish below 6.87663, target 6.86029, 6.84946
Alternative strategy: Bullish above 6.87663, target 6.88765, 6.89901

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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