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USDCNH: The high position moves down
2023-06-09
763
Fundamental analysis:
The U.S. dollar against the renminbi remained oscillating around 7.11699. Pan Gongsheng, director of the State Administration of Foreign Exchange, said at the Lujiazui forum that the competitive real interest rate of renminbi assets provides a good value-preservation capability for the renminbi assets held by my country's trade and investment partners.
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 are oscillating downwards, and the short-term decline may continue. The market as a whole is in the retracement of short-term shocks. The MACD indicator is in the bullish area and the shocks are moving down. The RSI indicator is hovering weakly below the 50 balance line;
Resistance levels: 7.13176 7.14122
Support levels: 7.10764 7.09960
Trading strategy: bearish below 7.12265, target 7.10764 7.09960
Alternative strategy: Bullish above 7.12265, target 7.13176 7.14122
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