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USDCNH: slow down

Fundamental analysis:

The U.S. dollar against the renminbi remained volatile around 7.28008. Yao Jiaren, the joint operating director of the Hong Kong Stock Exchange, said at the first Hong Kong Stock Exchange China Forum that the Hong Kong Stock Exchange launched the "Hong Kong dollar-RMB dual counter model" and saw the market's new demand for currency diversification , and not only in capital markets, but also in non-capital markets.

US dollar RMB USDCNH - the 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the short-term dynamics are slowly oscillating and moving downward, the short-term decline may continue, the overall bearish sentiment in the market remains, the MACD indicator is hovering weakly below the 0 axis, and the RSI indicator is weakly finishing below the 50 balance line;

Resistance levels: 7.29642 7.30658

Support levels: 7.26911 7.25832

Trading strategy: bearish below 7.28562, target 7.26911 7.25832
Alternative strategy: Bullish above 7.28562, target 7.29642 7.30658

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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