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