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USDCNH: high volatility
2023-04-27
881
Fundamental analysis:
USD/RMB remained volatile around 6.93769. The People’s Bank of China’s Shanghai Headquarters released on April 26 the first quarter of the Yangtze River Delta region’s money and credit operations, showing that in the first quarter of this year, RMB loans in the Yangtze River Delta region increased by 3.71 trillion yuan, an increase of 871.2 billion yuan year-on-year ; Renminbi deposits increased by 4.78 trillion yuan, an increase of 1.58 trillion yuan year-on-year.
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 maintains shocks and rises, and then waits for a shift. The market is still bullish, the MACD indicator is in the bullish zone, and the RSI indicator is hovering in the bullish zone;
Resistance levels: 6.94724 6.95411
Support levels: 6.92797 6.92066
Trading strategy: bearish below 6.93550, target 6.92797 6.92066
Alternative strategy: Bullish above 6.93550, target 6.94724 6.95411
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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