USDCNH: high rise

The USD/RMB remained oscillating around 6.93952. The General Office of the State Council issued an opinion on promoting the stable scale and optimal structure of foreign trade and optimizing cross-border settlement services. Encourage financial institutions to innovate and improve foreign exchange derivatives and cross-border RMB business, further expand the scale of RMB settlement for cross-border trade, and better meet the needs of foreign trade companies for exchange rate hedging and cross-border RMB settlement. Support all localities to strengthen policy publicity, optimize public services, promote precise matchmaking between banks and enterprises, and fully benefit enterprises.

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

Looking at the 4-hour chart: the high-level bulls have a strong upward momentum, short-term bullish sentiment emerges, the market bulls continue to climb, the MACD indicator is in the bullish zone and continues to rise, and the RSI indicator is in the bullish zone.

Resistance levels: 6.94724 6.95411

Support levels: 6.92797 6.92066

Trading strategy: Bullish above 6.93550, target 6.94724 6.95411

Alternative strategy: bearish below 6.93550, target 6.92797 6.92066