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USDCNH: low move up

Fundamental analysis:
The USD/RMB remained volatile around 6.92266. In December 2022, the Caixin China Manufacturing Purchasing Managers Index (PMI) recorded 49.0, 0.4 percentage points lower than that in November, the lowest in nearly three months and the fifth consecutive month of contraction interval.

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

Brief technical analysis:
Looking at the 4-hour chart: the low-level long-term momentum is moving upwards, the short-term long-term power is emerging, the market bulls are rising, the MACD indicator is in the short-selling area, and the RSI indicator is hovering weakly below the 50 balance line;
Long-short turning point: 6.91879
Suppression: 6.92964, 6.93628
Support: 6.91135, 6.90472
Trading strategy: Bullish above 6.91879, target 6.92964, 6.93628
Alternative strategy: bearish below 6.91879, target 6.91135, 6.90472

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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