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USDCNH: The high position moves down
2023-06-22
728
Fundamental analysis:
The USD/RMB remained volatile around 7.17473. Pan Gongsheng, deputy governor of the People's Bank of China and director of the State Administration of Foreign Exchange, met with Temasek Chairman Lin Wenxing (LIM BOON HENG) and his entourage. The two sides exchanged views on China's macroeconomic situation, global and Chinese investment opportunities and other topics.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high short-term shocks move down, the short-term decline may continue, the market bearish sentiment remains, the MACD indicator is in the long zone and slowly moves down, the RSI indicator is in the long zone, maintains the shock and moves down to the upper side of the 0 axis;
Resistance levels: 7.18631 7.19305
Support levels: 7.16563 7.15819
Trading strategy: bearish below 7.17774, target 7.16563 7.15819
Alternative strategy: Bullish above 7.17774, target 7.18631 7.19305
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