USDCNH: Narrow finishing

USD/RMB remained volatile around 6.91863. Driven by a rebound in consumption, China’s economic recovery in the first quarter was stronger than expected. UBS raised its forecast for China’s annual GDP growth to 5.7% in its wealth management report. At the same time, maintain the forecast that the profit growth of China's stock market will reach 14%, and believe that Chinese stocks have double-digit upside space this year. In terms of sectors, they are optimistic about consumption, Internet, transportation, capital goods and material stocks.

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

Looking at the 4-hour chart: In the short-term, the short-term maintenance of consolidation and shifting, the overall long-short momentum in the market has weakened, the market has not yet had the best direction to stop, the MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is hovering weakly near the 50 balance line;

Resistance levels: 6.92492 6.93114

Support levels: 6.91085 6.90492

Trading strategy: Bullish above 6.91688, target 6.92492 6.93114

Alternative strategy: bearish below 6.91688, target 6.91085 6.90492