USDCNH: high retracement

USD/RMB remained volatile around 7.10268. In 2023, the Ministry of Finance will issue 30 billion yuan of treasury bonds in the Hong Kong Special Administrative Region. RMB treasury bonds will be issued in four phases, with scales of 12 billion yuan, 6 billion yuan, 6 billion yuan, and 6 billion yuan respectively. It is now scheduled to issue the first tranche of RMB treasury bonds through bidding on June 14, including a 2-year period of 6 billion yuan, a 3-year period of 4 billion yuan and a 10-year period of 2 billion yuan. System (CMU) announced.

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

Looking at the 4-hour chart: the high-level short-term momentum has retreated rapidly, and the short-term decline may continue. The market as a whole has begun to reverse and go down.

Resistance levels: 7.12150 7.13350

Support levels: 7.09016 7.07849

Trading strategy: bearish below 7.10849, target 7.09016 7.07849

Alternative strategy: Bullish above 7.10849, target 7.12150 7.13350