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USDCNH: The high position moves down

Fundamental analysis:

USD/RMB remained oscillating around 6.93402, and the tourism market in Guangdong continued to heat up during the May Day holiday in 2023. It is learned from the Guangdong Provincial Department of Culture and Tourism that according to preliminary estimates, from the first day to the third day of the holiday (April 29 to May 1), the 150 key scenic spots included in the monitoring of the province received a total of 7.931 million tourists, a year-on-year increase. 133.9%, an increase of 8.5% over 2019.

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 fluctuate downward, and the market’s short-term sentiment begins to emerge gradually. The short-term decline may continue. The MACD indicator is in the bullish area and fluctuates downward, and the RSI indicator is hovering weakly below the 50 balance line;

Resistance levels: 6.94261 6.95121

Support levels: 6.92248 6.91487

Trading strategy: bearish below 6.93420, target 6.92248 6.91487
Alternative strategy: Bullish above 6.93402, target 6.94261 6.95121

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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