USDCNH: high retracement

The U.S. dollar against the renminbi remained volatile around 6.89284. The People’s Daily issued an article emphasizing “promoting the high-quality development of the digital economy” and pointed out that it is necessary to accelerate the implementation of the innovation-driven development strategy, give full play to the advantages of my country’s socialist system, improve the new national system, and aim at the frontier areas of the global digital technology foundation and the weak link of my country's digital technology, concentrate on promoting key core technology research, and firmly grasp the initiative in the development of the digital economy.

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

Looking at the 4-hour chart: the high-level short-term momentum is moving down, and the market’s short-term short-term sentiment is waiting for an opportunity to enter the market. There is a trend of continuing to retreat and move downward.

Resistance levels: 6.90089 6.90592

Support levels: 6.88728 6.88167

Trading strategy: bearish below 6.89527, target 6.88728 6.88167

Alternative strategy: Bullish above 6.89527, target 6.90089 6.90592