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USDCNH: hovering at a low level
2023-03-22
847
Fundamental analysis:
USD/RMB remained volatile around 6.87542. The People's Bank of China successfully issued RMB 5 billion 6-month central bank bills in Hong Kong, with an interest rate of 2.20%. The issuance was widely welcomed by foreign investors. The total amount of bids was about 30.2 billion yuan, more than 6 times the issuance amount, indicating that RMB assets are more attractive to foreign investors and also reflecting the confidence of global investors in the Chinese economy .
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum is hovering at a low level, the short-term continuation of the downward trend remains, the market as a whole is in a weak position, the MACD index is hovering below the 0 axis, and the RSI index is below the 50 balance line.
Resistance levels: 6.88800 6.89837
Support levels: 6.86208 6.85262
Trading strategy: bearish below 6.87702, target 6.86208 6.85262
Alternative strategy: Bullish above 6.87702, target 6.88800 6.89837
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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