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