USDCNH: Range consolidation

Fundamental analysis:

The USD/RMB fluctuated around 7.16759. Foreign Ministry spokesman Mao Ning said that people-to-people and cultural exchanges between China and the United States are very important, and it is necessary to encourage the expansion of personnel exchanges between the two countries in various fields. This is an important consensus reached by the heads of state of China and the United States during their meeting in Bali. I noticed that American athletes who participated in China-US table tennis diplomacy expressed the hope that people-to-people exchanges and non-governmental exchanges will continue to add positive energy to the development of bilateral relations.

USD RMB USDCNH - 4-hour candlestick chart shows:

A brief technical analysis:

From the 4-hour chart: the short-term maintenance of range fluctuations and translation, the volatility space has gradually narrowed, the bulls are slowly moving up, the market as a whole has not yet moved out of range fluctuations, the MACD indicator is hovering at the upper side of the 0 axis, and the RSI indicator is at the 50 equilibrium line.

Long and short turning point: 7.16258

Repression: 7.18299, 7.20056

Support: 7.14312, 7.12144

Trading strategy: bullish above 7.16258, target 7.18299, 7.20056

Alternative strategy: bearish below 7.16258, target 7.14312, 7.1214