CM Trade

Download APP to receive bonus

GET

USDCNH: low down

2023-01-13
588
Fundamental analysis:
USD/CNY remained volatile around 6.72572 as China's reopening supported sentiment and lifted Asian currencies against the greenback. The yuan rose to a five-month high.

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 weak and finishing down, the short-term decline may continue, the overall bearish trend of the market is good, the MACD indicator is in the low position of the short zone, and the RSI indicator is hovering in the low position of the short zone;
Long-short turning point: 6.73713
Suppression: 6.75189, 6.76611
Support: 6.70924, 6.69356
Trading strategy: bearish below 6.73713, target 6.70924, 6.69356
Alternative strategy: Bullish above 6.73713, target 6.75189, 6.76611

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.

Free Access
Daily Trading Strategy
Download Now

CM Trade Mobile Application

Economics Calendar

More