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USDCNH: narrow range
2023-09-13
466
Fundamental analysis:
The US dollar remains volatile against the RMB at around 7.30049. The financial management department has the ability, confidence, and conditions to maintain the basic stability of the RMB exchange rate. It will take action when it is time to resolutely correct unilateral and procyclical behavior, and resolutely deal with behavior that disrupts market order. , resolutely guard against the risk of exchange rate overshooting.
US dollar, yuan, USDCNH - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high short positions remain volatile after falling, the market's short sentiment emerges, the short-term decline may continue, the MACD indicator is weakly oscillating below the 0 axis, and the RSI indicator is weakly hovering below the 50 equilibrium line;
Resistance level: 7.31205 7.32098
Support level: 7.29152 7.28302
Trading strategy: Bearish below 7.30379, target 7.29152 7.28302
Alternative strategy: bullish above 7.30379, target 7.31205 7.32098
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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