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USDCNH: low move down

Fundamental analysis:
The U.S. dollar against the renminbi remains volatile around 6.70729. The State Council Information Office is scheduled to hold a press conference at 3:00 p.m. on January 17, 2023 (Tuesday). Operation situation, and answer reporters' questions.

US dollar RMB USDCNH - the 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: The short-term dynamics remain low and fluctuate downward, and the short-term decline may continue. The market as a whole is in a bearish downward trend. The MACD indicator is in the low-level arrangement of the short-selling area, and the RSI indicator is hovering at the low-level in the short-selling area;
Long-short turning point: 6.71819

Suppression: 6.73529, 6.75189
Support: 6.69356, 6.67887

Trading strategy: bearish below 6.71819, target 6.69356, 6.67887
Alternative strategy: Bullish above 6.71819, target 6.73529, 6.75189

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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