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USDCNH: high retracement
2023-05-16
826
Fundamental analysis:
USD/RMB remained volatile around 6.95835. Hong Kong Stock Exchange CEO Au Guansheng said that the swap link is the world’s first interconnection mechanism for the derivatives market, enabling foreign investors to directly trade and settle onshore RMB interest rate swap products, which further enriches the The renminbi asset ecosystem brought by the interconnection to international investors supports the use of offshore renminbi to invest in the onshore interest rate swap market, bringing new choices for investors.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
4-hour chart: finishing after the high level retracement, short-term short-term sentiment emerges, the market’s bearish momentum continues, and there are signs of continued downward movement in the short-term.
Resistance levels: 6.96580 6.97060
Support levels: 6.95343 6.94855
Trading strategy: bearish below 6.96105, target 6.95343 6.94855
Alternative strategy: Bullish above 6.96105, target 6.96580 6.97060
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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