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USDCNH: Narrow finishing

2023-01-23
519
Fundamental analysis:

The U.S. dollar against the renminbi remained oscillating around 6.78056. The China Development Bank recently held the 2023 annual party building and management work conference. According to reports, as of the end of 2022, the total assets of the Development Bank Group will be 18.3 trillion yuan, and the annual loans in local and foreign currencies and small and micro enterprises will exceed 3 trillion yuan. The balance of RMB loans will increase by 1.06 trillion yuan. Both hit record highs.

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



Brief technical analysis:

Looking at the 4-hour chart: In the short term, it is entangled in low and narrow range fluctuations, and the market's long and short momentum is in a state of anxiety. In the short term, it has failed to effectively break through the nodes near this position. middle;

Long-short turning point: 6.78927

Suppression: 6.79663, 6.81128
Support: 6.75437, 6.73848

Trading strategy: Bullish above 6.78927, target 6.79663, 6.81128
Alternative strategy: bearish below 6.78927, target 6.75437, 6.73848

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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