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USDCNH: high rise
2023-05-12
787
Fundamental analysis:
USD/RMB remained volatile around 6.95792. In April, the national consumer prices fell by 0.1% month-on-month. Among them, urban areas decreased by 0.1%, and rural areas decreased by 0.2%; food prices decreased by 1.0%, non-food prices increased by 0.1%; consumer goods prices decreased by 0.5%, and service prices increased by 0.3%.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high level continues to fluctuate and rise, and the short-term upward trend may continue, and it will soon touch the vicinity of the previous high level node. The MACD indicator remains volatile and continues to rise, and the RSI indicator is in a narrow range in the bullish area;
Resistance levels: 6.96233 6.96666
Support levels: 6.95049 6.94553
Trading strategy: Bullish above 6.95546, target 6.96233 6.96666
Alternative strategy: bearish below 6.95546, target 6.95049 6.94553
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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