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USDCNH: high rise
2023-06-08
774
Fundamental analysis:
The USD/RMB remained oscillating around 7.14533. The General Administration of Customs: In May this year, my country's import and export reached 3.45 trillion yuan, an increase of 0.5% (the previous value was 16.8%). Among them, exports were 1.95 trillion yuan, a decrease of 0.8%; imports were 1.5 trillion yuan, an increase of 2.3% (the previous value was -0.8%); the trade surplus was 452.33 billion yuan, a decrease of 9.7%.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: The bulls’ power maintained a high level and then began to rise. The short-term bullish sentiment remains, and the bulls in the market continue to climb. The MACD indicator is in the bullish zone and moves upwards, and the RSI indicator is in the 50 equilibrium line.
Resistance levels: 7.15585 7.16460
Support levels: 7.13107 1.12184
Trading strategy: Bullish above 7.14029, target 7.15585 7.16460
Alternative strategy: bearish below 7.14029, target 7.13107 1.12184
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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