USDCNH: Low level oscillation moves down

Fundamental analysis:

The USD/RMB remained volatile around 7.04019, the probability of the Federal Reserve slowing down interest rate increases, and the upside of the USD index was limited, reducing the pressure of passive devaluation of RMB against the USD; The epidemic prevention and control policy continued to be optimized. The fundamentals of the long-term economic improvement remained unchanged. The policy of stabilizing the exchange rate and expectations in the early stage was gradually effective. Market confidence was boosted, and the RMB exchange rate rebounded significantly.

USD/RMB USDCNH - 4-hour K line chart shows:

Technical analysis:

The 4-hour chart shows that the bearish power continues the downward trend, moving slowly downward with narrow amplitude shocks, and the short-term downward trend may continue. The overall bearish downward trend in the market is good. The MACD index is in the low order of the bearish region, and the RSI index remains weak in the bearish region;

Empty turning point: 7.05161

Pressing: 7.07115, 7.08190

Support: 7.02113, 7.00397

Trading strategy: 7.05161 lower bearish, target 7.02113, 7.00397

Alternative strategy: 7.05161 upside bullish, target 7.07115, 7.08190