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USDCNH: oscillating up

2023-08-23
719
Fundamental analysis:

The U.S. dollar remained volatile near 7.30488 against the yuan. As the yuan rose on Monday, the one-month offshore yuan swap point used to measure the cost of yuan borrowing jumped 1.73 basis points, the largest increase since 2017; It surged to 5.5% from 2.7% on Friday.

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



Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum remains high and fluctuates upwards, the short-term bullish sentiment is shrouded, the bulls in the market continue to rise, the MACD indicator is hovering around the 0 axis, and the RSI indicator is in a weak order near the 50 balance line;

Resistance levels: 7.31745 7.32776

Support levels: 7.28687 7.27549

Trading strategy: Bullish above 7.29825, target 7.31745 7.32776
Alternative strategy: bearish below 7.29825, target 7.28687 7.27549

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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