USD/RMB remained volatile around 7.28607. The Hong Kong Securities Regulatory Commission issued a quarterly report. In June, 24 stocks launched RMB trading counters based on the Hong Kong dollar-RMB dual-counter model. The dual-counter market maker mechanism will increase liquidity and narrow the two counters price difference between them.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The high-level short-term momentum maintains a slow consolidation and moves downward, and the short-term decline may continue. The overall market is in a bearish trend. The MACD indicator is hovering below the 0 axis, and the RSI indicator is below the 50 balance line.
Resistance levels: 7.30536 7.31745
Support levels: 7.27549 7.26411
Trading strategy: bearish below 7.29327, target 7.27549 7.26411
Alternative strategy: Bullish above 7.29327, target 7.30536 7.31745