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USDCNH: Narrow finishing
2023-03-17
1032
Fundamental analysis:
The U.S. dollar remained volatile around 6.89244 against the renminbi. Goldman Sachs raised its forecast for China's first-quarter and annual GDP growth in 2023 to 4.0% and 6.0% from the previous 2.7% and 5.5%, respectively.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: the market fluctuated upwards in a narrow range at low levels, and the short-term resistance began to be sorted out. The short-term bullish momentum began to weaken, but there were still signs of further upward movement. wandering;
Resistance levels: 6.90356 6.91332
Support levels: 6.87825 6.86910
Trading strategy: Bullish above 6.88801, target 6.90356 6.91332
Alternative strategy: bearish below 6.88801, target 6.87825 6.86910
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