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USDCNH: slow down
2023-08-24
533
Fundamental analysis:
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
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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