CM Trade

Download APP to receive bonus


USDCNH: high rise

Fundamental analysis:

USD/RMB remained volatile around 7.08941. The recent U.S. banking turmoil and the debt ceiling crisis have intensified, leading to a rise in risk aversion in the market. The unexpected rise in U.S. long-term inflation expectations has led to a callback to the Fed’s interest rate cut expectations. As a result, the U.S. dollar index has strengthened recently, and the RMB exchange rate is bound to The degree is under pressure.

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 fluctuate and rise, the short-term bullish sentiment remains, the market as a whole is in the process of rising bulls, the MACD indicator is at a high level in the bullish zone, and the RSI indicator is hovering at a high level in the bullish zone;

Resistance levels: 7.09990 7.10915

Support levels: 7.07539 7.06766

Trading strategy: Bullish above 7.08410, target 7.09990 7.10915
Alternative strategy: bearish below 7.08410, target 7.07539 7.06766

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.

Free Access
Daily Trading Strategy
Download Now

CM Trade Mobile Application

Economics Calendar