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USDCNH: highs down

2023-08-22
698
Fundamental analysis:

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

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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