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USDCNH: high rise

2023-05-17
952
Fundamental analysis:

USD/RMB remained oscillating around 6.99748, and the PMI fell slightly in April. Generally speaking, it is a temporary restriction and short-term fluctuation in the process of economic recovery. The rapid restoration of production in the early stage, and the slower restoration of demand than that of production, restrained the continued expansion of production to a certain extent. In the early stage, the inventory of industrial enterprises increased rapidly, and the destocking of enterprises will have an impact. There are seasonal factors. Due to seasonal changes in the production and operation rhythm of enterprises, the PMI in April will fall compared with March.

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



Brief technical analysis:

Looking at the 4-hour chart: the bulls are strongly driven up, and the short-term bullish sentiment is shrouded. The market bulls continue to climb. The MACD indicator moves up from the high level in the bullish zone, and the RSI indicator hovers at the high level in the bullish zone;

Resistance levels: 7.00322 7.00908

Support levels: 6.98746 6.98165

Trading strategy: Bullish above 6.99403, target 7.00322 7.00908
Alternative strategy: bearish below 6.99403, target 6.98746 6.98165

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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