USDCNH: low recovery

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:

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