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USDCNH: slow up

2023-08-27
690
Fundamental analysis:

USD/RMB remained oscillating around 7.29266, the Regional Comprehensive Economic Partnership Agreement has come into force and implemented, and the negotiations on version 3.0 of the China-ASEAN Free Trade Area are progressing steadily. The Chinese government attaches great importance to the high-quality implementation of RCEP and the promotion of the construction of China-ASEAN Free Trade Area 3.0. The effective implementation of RCEP has provided new opportunities for trade and investment cooperation between China and ASEAN, and policy dividends have been continuously released.

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



Brief technical analysis:

Looking at the 4-hour chart: the momentum of the bulls maintains a slow upward trend, the bullish sentiment in the market continues, and the bulls in the market are gradually moving upwards. The MACD indicator is in a weak consolidation below the 0 axis, and the RSI indicator is hovering around the 50 balance line;

Resistance levels: 7.30249 7.31153

Support levels: 7.27742 7.26911

Trading strategy: Bullish above 7.28733, target 7.30249 7.31153
Alternative strategy: bearish below 7.28733, target 7.27742 7.26911

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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