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USDCNH: high rise

Fundamental analysis:

The U.S. dollar against the renminbi remained oscillating around 6.91773. The opinions of the five departments including the People's Bank of China on financial support for the construction of the Hengqin Guangdong-Macao Deep Cooperation Zone pointed out that it is convenient for cross-border transactions of individuals in the cooperation zone. Under the principle of meeting the actual needs of self-use and self-occupancy, exchange facilities will be provided for qualified Macao residents to purchase or sell commodity houses in the cooperation zone.

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

Brief technical analysis:

Looking at the 4-hour chart: the momentum of high-level bulls continues to move upwards, the market’s bullish sentiment continues, bulls continue to climb, the MACD indicator is hovering at a high level in the bullish zone, and the RSI indicator is in the bullish zone to maintain upward movement;

Long-short turning point: 6.91320

Suppression: 6.92349, 6.93391
Support: 6.90426, 6.89587

Trading strategy: Bullish above 6.91320, target 6.92349, 6.93391
Alternative strategy: bearish below 6.91320, target 6.90426, 6.89587

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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