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USDCNH: The high position moves down
2023-05-21
840
Fundamental analysis:
USD/CNY remained volatile around 7.02592. Europe's largest asset management company, Amundi, is withdrawing US assets and turning to China because of China's brighter economic prospects, higher valuations and more benign inflation prospects.
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 is moving down strongly, and the short-term decline may continue. The market as a whole is shrouded in a bearish mood. The MACD indicator is in the bullish area and slowly descending. The RSI indicator maintains shocks and moves down to the 50 balance line.
Resistance levels: 7.04092 7.05003
Support levels: 7.01653 7.00678
Trading strategy: bearish below 7.03117, target 7.01653 7.00678
Alternative strategy: Bullish above 7.03117, target 7.04092 7.05003
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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