Fundamental analysis:
The U.S. dollar against the renminbi remained oscillating around 6.73557. The Lithium Industry Branch of the China Nonferrous Metals Industry Association released statistics on the import and export of lithium products in 2022 on February 2. According to customs statistics, from January to December 2022, my country imported about 2.84 million tons of lithium concentrate, mainly from Australia, Brazil, Zimbabwe, Canada and other countries, an increase of about 42% year-on-year.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the low-level bullish momentum maintains shocks and pulls up, and short-term bullish sentiment begins to emerge gradually. The market’s decline and pull-up trend may continue. The MACD indicator is in the lower side of the 0 axis for consolidation, and the RSI indicator is in the short zone. Maintain consolidation and move up to the 50 balance wandering around the line;
Long-short turning point: 6.73235
Suppression: 6.74067, 6.74517
Support: 6.72702, 6.72185
Trading strategy: Bullish above 6.73235, target 6.74067, 6.74517
Alternative strategy: bearish below 6.73235, target 6.72702, 6.72185