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USDCNH: low recovery

Fundamental analysis:

USD/RMB remained volatile around 6.87503, the Chinese government will allow all domestic companies to import Australian coal. Prior to this, Beijing had taken the lead in approving four central state-owned enterprises to resume purchasing Australian coal. China is the country's largest coal producer and consumer, with coal imports exceeding 290 million tons last year.

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 maintains short-term consolidation and moves up, the market’s bullish sentiment begins to emerge slowly, the MACD indicator is in the short-term area, and the RSI indicator is hovering below the 50 balance line;

Resistance levels: 6.88393 6.89311

Support levels: 6.86067 6.85118

Trading strategy: bearish below 6.86985, target 6.86067 6.85118
Alternative strategy: bullish above 6.86985, target 6.88393 6.89311

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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