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USDCNH: The high position moves down

Fundamental analysis:

The U.S. dollar against the RMB remained volatile around 6.96771. The State Council’s institutional reform plan: the establishment of the State Financial Supervision and Administration Bureau, and the China Banking and Insurance Regulatory Commission will no longer be retained; the China Securities Regulatory Commission will be adjusted to an institution directly under the State Council; the aging work system will be improved; management system; streamlining the staffing of central state agencies; reorganizing the Ministry of Science and Technology, etc.

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 momentum continues to move down, the short-term decline may continue, the market is shrouded in short-term short-term sentiment, the MACD indicator is in the long-term area to maintain consolidation, and the RSI indicator is hovering above the 50 balance line;

Resistance levels: 6.98301 6.99282

Support levels: 6.95984 6.95115

Trading strategy: bearish below 6.97195, target 6.95984 6.95115
Alternative strategies: Bullish above 6.97195, target 6.98301 6.99282

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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