USDCNH: high rise

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:

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