USD/RMB remained oscillating around 7.28744. The central bank lowered interest rates on monetary instruments earlier, and the market expected that lpr would be lowered. On the economic level, monetary data in July showed that the scale of new social financing has declined on a large scale, and the market has significant concerns about the economy.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term momentum continues to fluctuate downward, and the short-term decline may continue. The overall market continues to decline. The MACD index maintains shocks and moves down to hover around the 0 axis, and the RSI index is in a weak position below the 50 balance line;
Resistance levels: 7.30607 7.31745
Support levels: 7.27549 7.26482
Trading strategy: bearish below 7.29327, target 7.27549 7.26482
Alternative strategy: Bullish above 7.29327, target 7.30607 7.31745