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USDCNH: high rise

Fundamental analysis:

The USD/RMB remained oscillating around 7.04760. The State Administration of Financial Supervision and Administration was officially listed, and the official WeChat account "State Administration of Financial Supervision and Administration" was launched simultaneously, and the original "China Banking and Insurance Regulatory Commission" account was renamed.

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

Brief technical analysis:

Looking at the 4-hour chart: the momentum of high bulls continues to rise, the market is shrouded in bullish sentiment, and there is a trend of continuing to move upwards in the short term. The MACD indicator is moving up from the high level in the bullish zone, and the RSI indicator is hovering above the 80 balance line in the high overbought zone in the bullish zone;

Resistance levels: 7.05711 7.06670

Support levels: 7.03374 7.02325

Trading strategy: Bullish above 7.04363, target 7.05711 7.06670
Alternative strategy: bearish below 7.04363, target 7.03374 7.02325

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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