CM Trade

Download APP to receive bonus

GET

USDCNH: Sustained volatility

2023-05-07
874
Fundamental analysis:

The USD/RMB remained volatile around 6.92001. China's manufacturing sector turned to contraction month-on-month, and the expansion of the service sector slowed down slightly. The recovery differentiation continued. In April, the recovery of the manufacturing and service industries continued to diverge, and the recovery and expansion of demand is the key to the continued recovery of the current economy.

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



Brief technical analysis:

The 4-hour chart: In the short term, it maintains a narrow range of ordering and shifting. Although there are rapid and wide fluctuations during the period, it fails to break through and move up after all. The MACD indicator is in the bearish area and remains in order.

Resistance levels: 6.92492 6.93114

Support levels: 6.91085 6.90492

Trading strategy: Bullish above 6.91688, target 6.92492 6.93114
Alternative strategy: bearish below 6.91688, target 6.91085 6.90492

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.

Free Access
Daily Trading Strategy
Download Now

CM Trade Mobile Application

Economics Calendar

More