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USDCNH: Sharp fall from highs

2023-09-12
646
Fundamental analysis:

The U.S. dollar remains volatile against the RMB at around 7.30168. Although the RMB has depreciated against the U.S. dollar recently, it remains basically stable against a basket of currencies and remains relatively strong against major African and U.S. currencies. The foreign exchange market is operating steadily, and market expectations are generally stable.

US dollar, yuan, USDCNH - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the high-level short momentum has fallen sharply, and the short-term decline may continue. The overall market is shrouded in bearish sentiment. The MACD indicator is in the bull zone and has moved down to hover near the 0 axis. The RSI indicator is weakly consolidating below the 50 equilibrium line;

Resistance level: 7.31323 7.32098

Support level: 7.29435 7.28727

Trading strategy: Bearish below 7.30568, target 7.29435 7.28727
Alternative strategy: bullish above 7.30568, target 7.31323 7.32098

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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