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USDCNH: low volatility

2023-01-10
586
Fundamental analysis:
The USD/RMB remained oscillating around 6.77729. The learning (expansion) meeting of the Theoretical Learning Center Group of the Beijing Municipal Party Committee held a lecture on building a new development pattern. New breakthroughs have been made in key underlying technology fields such as blockchain and artificial intelligence. Application scenarios are the best catalysts. It is necessary to deepen the release and docking mechanism to support the promotion and application of fintech in inclusive finance, green finance, cross-border trade and other fields. Further expand the scope of application of digital renminbi.

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



Brief technical analysis:
Looking at the 4-hour chart: The short-seller momentum maintains a narrow range of shocks and continues to decline, and the low-level narrow range is weak. The overall bearish sentiment in the market is still there.
Long-short turning point: 6.78567
Suppression: 6.79964, 6.81450
Support: 6.76496, 6.75454
Trading strategy: bearish below 6.78567, target 6.76496, 6.75454
Alternative strategy: Bullish above 6.78567, target 6.79964, 6.81450

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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