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USDCNH: low recovery

Fundamental analysis:

The U.S. dollar against the renminbi remained oscillating around 6.74117. The Shanghai Headquarters of the People's Bank of China held the 2023 Monetary and Credit Work Conference. The meeting made specific arrangements for Shanghai's monetary and credit work in 2023. The first is to maintain a steady growth in the total amount of money and credit. The second is to accurately and effectively implement various policies and measures to stabilize the economy. The third is to strive to do a good job in real estate finance.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term bullish momentum rebounded in the short term, the bullish momentum in the market began to emerge slowly, the bulls gradually entered the market, the MACD index was in the bearish area and rose slowly, and the RSI index maintained a narrow range below the 50 balance line;

Long-short turning point: 6.73334

Suppression: 6.76140, 6.77696
Support: 6.71706, 6.70135

Trading strategy: Bullish above 6.73334, target 6.76140, 6.77696
Alternative strategy: bearish below 6.73334, target 6.71706, 6.70135

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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