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USDCNH: high volatility
2023-07-07
752
Fundamental analysis:
USD/RMB remained oscillating around 7.25405. The USD/RMB exchange rate may fall after peaking in the third quarter. In the whole year, the RMB exchange rate will become more flexible and fluctuate in a wide range. In the short term, factors such as the tightening of the overseas financial environment and cross-border capital outflows will still exert depreciation pressure on the RMB exchange rate.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart shows: high short positions continue to fluctuate, market short positions are gradually emerging, and short-term short positions continue to move downward.
Resistance levels: 7.26937 7.28175
Support levels: 7.24360 7.23289
Trading strategy: bearish below 7.25699, target 7.24360 7.23289
Alternative strategy: Bullish above 7.25699, target 7.26937 7.28175
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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