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USDCNH: high up

Fundamental analysis:

USD/RMB remained volatile around 6.96048. According to data from the National Bureau of Statistics, in April, the manufacturing purchasing managers index (PMI), non-manufacturing business activity index and composite PMI output index were 49.2%, 56.4% and 54.4% respectively.

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 continues, the market bullish momentum continues to rise, the MACD indicator is in the bullish zone and continues to move upward, and the RSI indicator is in the bullish zone.

Resistance levels: 6.96852 6.97612

Support levels: 6.94802 6.93948

Trading strategy: Bullish above 6.95657, target 6.96852 6.97612
Alternative strategy: bearish below 6.95657, target 6.94802 6.93948

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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