USDCNH: high rise

USD/RMB remained oscillating around 7.17954. The People’s Bank of China announced the overall operation of the payment system in the first quarter, showing that the business volume of the RMB cross-border payment system has grown rapidly. In the first quarter, the RMB cross-border payment system processed 1.372 million transactions, with an amount of 25.17 trillion yuan, a year-on-year increase of 62.5% and 12.6% respectively. The average daily transaction volume is 22,500, with an amount of 412.664 billion yuan.

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

4-hour chart: High short-term shocks move upwards, high short-term obstacles are sorted out, market bulls continue to rise, MACD indicator is in the long-term zone to maintain consolidation, and RSI indicator is in the long-term zone to maintain lingering;

Resistance levels: 7.18631 7.19305

Support levels: 7.16563 7.15819

Trading strategy: Bullish above 7.17353, target 7.18631 7.19305

Alternative strategy: bearish below 7.17353, target 7.16563 7.15819