USDCNH: rapid decline

The USD/RMB remained volatile around 6.72058. The IMF raised China's GDP growth forecast for 2023 from 4.4% in October last year to 5.2%, arguing that the adjustment of China's epidemic prevention and control measures will promote global economic growth. Judging from the GDP target of most provinces and cities in my country exceeding 5% this year, it also shows that my country's economic growth rate this year is worth looking forward to. This is an important logic that foreign capital is optimistic about.

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

Looking at the 4-hour chart: the short-term momentum has fallen rapidly, the market is shrouded in bearish sentiment, and there is a trend of continuing to move downward in the short term. The MACD indicator is below the 0 axis and slowly moves down. The RSI indicator is in the short-term area and maintains a downward trend;

Long-short turning point: 6.72413

Suppression: 6.73068, 6.73704

Support: 6.71467, 6.70830

Trading strategy: bearish below 6.72413, target 6.71467, 6.70830

Alternative strategy: Bullish above 6.72413, target 6.73068, 6.73704