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USDCNH: slow down
2023-04-30
807
Fundamental analysis:
USD/RMB fluctuated around 6.92785. By the end of the first quarter of 2023, 150,800 technology-based small and medium-sized enterprises had received loan support, and the loan rate was 45.9%, which was 1.3 percentage points higher than the end of the previous year. The balance of loans to technology-based SMEs was 1.76 trillion yuan, a year-on-year increase of 25.2%, 0.9 percentage points higher than that at the end of the previous year.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high level is maintained in the short term and is slowly finishing down, the market’s bearish sentiment remains, the downward momentum continues, the MACD indicator is in the bullish area and continues to move down, and the RSI indicator is hovering around the 50 equilibrium line;
Resistance levels: 6.94021 6.94724
Support levels: 6.92066 6.91372
Trading strategy: bearish below 6.93226, target 6.92066 6.91372
Alternative strategy: Bullish above 6.93226, target 6.94021 6.94724
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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