USDCNH: The bulls stop temporarily

Fundamental analysis:

Ministry of Commerce: We should focus on expanding domestic demand, promoting the construction of a modern circulation system, enhancing the fundamental role of consumption in economic development, and enhancing the endogenous power and reliability of the domestic big cycle. We should promote high-level opening up, accelerate the building of a trade power, improve the level of foreign capital utilization and foreign investment cooperation, jointly build the "the Belt and Road" with high quality, actively participate in the reform and construction of the global economic governance system, maintain a diversified and stable international economic pattern and economic and trade relations, and improve the quality and level of international circulation.

USD/RMB USDCNH daily line chart:

Technical analysis:

From the daily chart, we can see that the short-term exchange rate will be adjusted after soaring, the MACD will run on the 0 axis and the volume will continue to increase, and the RSI overbought area will hover. It is expected that the short-term exchange rate will go up further after the adjustment.

Empty turning point: 7.1500

Resistance level: 7.2600 7.3600

Support position: 7.0500 6.9500

Trading strategy: above 7.1500, bullish, target price is 7.2600, 7.3600

Alternative strategy: below 7.1500, bearish, with target prices of 7.0500 and 6.9500