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USDCNH: high rise

2023-05-14
823
Fundamental analysis:

USD/RMB remained volatile around 6.97058. The volume of interbank pledged repurchase transactions in China has been running at a high level this week. On Thursday, overnight repurchase transactions climbed to a record high of 7.29 trillion yuan. This shows that in an environment of loose funds, traders tend to obtain higher returns by rolling borrowing overnight funds and adding leverage.

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



Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum is rising at a high level, the short-term bullish sentiment is still there, the bulls in the market are constantly pulling up, the MACD indicator is in the bullish zone and continues to rise, and the RSI indicator is in the bullish zone.

Resistance levels: 6.97630 6.98058

Support levels: 6.96443 6.95986

Trading strategy: Bullish above 6.96872, target 6.96443 6.95986
Alternative strategy: bearish below 6.96872, target 6.97630 6.98058

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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