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USDCNH: low volatility

Fundamental analysis:

The USD/RMB remained volatile around 6.84759. The impact of the Silicon Valley Bank incident weakened. Premier Li Qiang’s speech boosted market confidence. The RMB even soared over 500 points at one point, and the global risk market ushered in a big rebound.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum continues to fluctuate and fall, and the short-term consolidation is low. The market as a whole is in a weak position. The MACD indicator is in the bearish area and continues to decline, and the RSI indicator is in a weak consolidation below the 50 balance line;

Resistance levels: 6.86251 6.87322

Support levels: 6.83802 6.82884

Trading strategy: bearish below 6.84759, target 6.83802 6.82884
Alternative strategy: Bullish above 6.84759, target 6.86251 6.87322

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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