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USDCNH: slow up

Fundamental analysis:

USD/RMB remained volatile around 6.92342. According to the website of the Chinese Ministry of Foreign Affairs, the spokesperson of the Ministry of Foreign Affairs declared a diplomat from the Canadian Consulate General in Shanghai as "persona non grata". On May 9, the Canadian government announced that a diplomat from the Chinese Consulate General in Toronto was listed as "persona non grata".

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

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum maintains a slow upward trend, the market is bullish, and there are signs of continued upward movement in the short term. The MACD index is weakly organized near the 0 axis, and the RSI index is weakly hovering near the 50 balance line;

Resistance levels: 6.92824 6.93349

Support levels: 6.91494 6.91018

Trading strategy: Bullish above 6.92102, target 6.92824 6.93349
Alternative strategy: bearish below 6.92102, target 6.91494 6.91018

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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