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USDCNH: oscillating down
2023-03-19
852
Fundamental analysis:
The USD/RMB remained volatile around 6.88520. The People's Bank of China decided to reduce the deposit reserve ratio of financial institutions by 0.25 percentage points on March 27, 2023 (excluding financial institutions that have implemented a 5% deposit reserve ratio). After this reduction, the weighted average deposit reserve ratio of financial institutions is about 7.6%.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics remain volatile and continue to decline, the short-term reversal moves upward, the market’s short-term sentiment remains, the MACD indicator is hovering below the 0 axis, and the RSI indicator is below the 50 balance line for weak consolidation;
Resistance levels: 6.89838 6.90936
Support levels: 6.87581 6.86635
Trading strategy: bearish below 6.88800, target 6.87581 6.86635
Alternative strategy: Bullish above 6.88800, target 6.89838 6.90936
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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