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USDCNH: oscillating down

Fundamental analysis:

The U.S. dollar against the renminbi remained oscillating around 6.91179. In a recent survey by investors, Zhongke Jiangnan said that the digital renminbi, as a legal currency in digital form, has the characteristics of safety, efficiency, and traceability. Using digital renminbi in financial fund payment business can realize the safety, stability, controllability and traceability of funds and transactions. The company has cooperated with relevant departments to carry out pilot projects on the application of digital renminbi in the field of financial treasury fund payment in Jiangsu and other regions.

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 in a volatile downward trend, and there are signs of reversal in the short term, but the downward trend remains, the market as a whole is in a bearish trend, the MACD indicator is in the bearish area and the RSI indicator is hovering below the 50 balance line;

Resistance levels: 6.92226 6.92865

Support levels: 6.90492 6.89835

Trading strategy: bearish below 6.91642, target 6.90492 6.89835
Alternative strategy: Bullish above 6.91642, target 6.92226 6.92865

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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