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USDCNH: high volatility
2023-06-23
736
Fundamental analysis:
The USD/RMB remained oscillating around 7.19290. my country’s policies and measures to promote economic recovery have been implemented one after another, and the results have gradually emerged. The endogenous driving force for economic growth has strengthened, which will effectively support the RMB exchange rate.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: High short-term volatility and rising, the market is still bullish, and the short-term will continue to maintain a high level of volatility, the MACD indicator is in a high position in the bullish area, and the RSI indicator is hovering weakly above the 50 balance line;
Resistance levels: 7.20084 7.20669
Support levels: 7.17881 7.17020
Trading strategy: Bullish above 7.18691, target 7.20084 7.20669
Alternative strategy: bearish below 7.18691, target 7.17881 7.17020
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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