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USDCNH: low volatility

2023-01-19
509
Fundamental analysis:

The USD/RMB remained volatile around 6.76978. Luo Guosan, director of the Fixed Assets Investment Department of the National Development and Reform Commission, said that the current total savings rate in my country is still relatively high. It is necessary to accurately grasp the direction of investment, expand effective investment space, and identify the combination of promoting consumption and expanding investment. Actively expand effective investment, promote a reasonable increase in investment scale, and continuously optimize the structure.

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



Brief technical analysis:

Looking at the 4-hour chart: the short-term lows are fluctuating within a narrow range, the market as a whole is at a low level and weak, and it may be hovering at a low level in the short term.

Long-short turning point: 6.75967

Suppression: 6.78356, 6.80093
Support: 6.74067, 6.72276

Trading strategy: Bullish above 6.75967, target 6.78356, 6.80093
Alternative strategy: bearish below 6.75967, target 6.74067, 6.72276

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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