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USDCNH: high rise
2023-06-01
792
Fundamental analysis:
The U.S. dollar against the renminbi remained volatile around 7.11787, and the renminbi continued to weaken. The offshore renminbi fell below the 7.12 mark to 7.1284 against the U.S. dollar, a new low since November 2022; new low since.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level bullish momentum continues to fluctuate and rise, the short-term bullish sentiment remains, the market as a whole is in the process of bulls constantly pulling up, the MACD indicator is in the bullish zone and continues to oscillate, and the RSI indicator is in the bullish zone to maintain shock and translation;
Resistance levels: 7.12823 7.13901
Support levels: 7.10107 7.08977
Trading strategy: bearish below 7.11187, target 7.10107 7.08977
Alternative strategy: Bullish above 7.11187, target 7.12823 7.13901
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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