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USDCNH: Shock narrowed
2023-01-31
1038
Fundamental analysis:
USD/RMB remained volatile around 6.75297. China’s tourism and travel data during the Spring Festival showed that tourism-related industries, which have been temporarily sluggish, are ushering in a steady recovery. China’s 2023 GDP growth forecast was raised from 4.5% in November last year to 5.5%. . Against the background of the continued downturn of the world economy, China is expected to become the biggest driving force for global growth this year.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum moves up within a narrow range, and the volatility space gradually narrows. The market as a whole is moving upward slowly in the short term, but the follow-up momentum is lacking. The MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is weak near 50. wandering;
Long-short turning point: 6.75297
Suppression: 6.76299, 6.76900
Support: 6.74713, 6.74131
Trading strategy: Bullish above 6.75297, target 6.76299, 6.76900
Alternative strategy: bearish below 6.75297, target 6.74713, 6.74131
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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