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USDCNH: Shock down
2023-03-06
942
Fundamental analysis:
The USD/RMB remained volatile around 6.89432. Liu Guoqiang, deputy governor of the People’s Bank of China, said at the press conference of the State Council Information Office that the growth rate of broad money (M2) has been relatively high since last year. The financing structure is dominated by indirect financing such as credit. Indirect financing will lead to more derivatives of deposits and push up the total amount of money.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics fluctuate downward, and the short-term decline may continue. The market as a whole is in a weak position and moves downward. The MACD indicator is hovering below the 0 axis, and the RSI indicator is in a weak order near the 50 balance line;
Resistance levels: 6.90837 6.92072
Support levels: 6.88434 6.87507
Trading strategy: bearish below 6.89841, target 6.88434 6.87507
Alternative strategy: Bullish above 6.89841, target 6.90837 6.92072
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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