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USDCNH: Move higher

2023-09-08
597
Fundamental analysis:

USD/RMB remained volatile around 7.34071, and the Standard Chartered RMB Global Index (RGI) rose for three consecutive months, reaching a record high of 3625 in July. The report stated that the internationalization of the RMB is ushering in an overall improvement, and four of the five sub-indicators of the RGI have made positive contributions, helping the RGI resume its upward trend over the years.

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



Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum fluctuates at a high level and moves upward, the market is bullish, and there is a tendency to continue to move upward in the short term. The MACD indicator is rising at a high level in the bullish zone, and the RSI indicator is hovering at a high level in the bullish zone;

Resistance level: 7.34650 7.35080

Support level: 7.33067 7.32402

Trading strategy: Bullish above 7.33712, target 7.34650 7.35080
Alternative strategy: bearish below 7.33712, target 7.33067 7.32402

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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