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USDCNH: The high position moves down
2023-02-21
997
Fundamental analysis:
USD/RMB remained oscillating around 6.85816. The flattening of RMB volatility and the reduction of USD position to neutral are all neutral trading signals, and the northbound buying has stagnated in the short term. The traders temporarily stopped their troops and took profits, and it will take time to recover.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term dynamics remain volatile and downward, and the short-term decline has not stopped. The market’s short-term sentiment is under pressure, and the short-term decline may continue. wandering in weakness;
Long-short turning point: 6.86420
Suppression: 6.87627, 6.88765
Support: 6.84964, 6.83933
Trading strategy: bearish below 6.86420, target 6.84964, 6.83933
Alternative strategy: Bullish above 6.86420, target 6.87627, 6.88765
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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