USDCNH: The volatility narrowed

USD/RMB remained oscillating around 6.75379. The China Federation of Logistics and Purchasing and the Service Industry Survey Center of the National Bureau of Statistics announced today (31st) the China Purchasing Managers Index for January. Among them, the manufacturing purchasing managers' index was 50.1%, returning to the expansion range, and the manufacturing industry's prosperity level rebounded significantly by 50.1%. In January, China's manufacturing purchasing managers' index rose by 3.1 percentage points from the previous month. This is after running below 50% for 3 consecutive months, the index has returned to the expansion range.

US dollar RMB USDCNH - the 4-hour K-line chart shows:

4-hour chart: The short-term bullish momentum remains weak and fluctuates upwards, but the upward momentum is insufficient, and there is no sign of further upward movement. The upward pressure is strong, the MACD indicator is hovering weakly below the 0 axis, and the RSI indicator is weak near the 50 balance line tidy;

Long-short turning point: 6.75596

Suppression: 6.76299, 6.76900

Support: 6.74713, 6.74130

Trading strategy: bearish below 6.75596, target 6.74713, 6.74130

Alternative strategy: Bullish above 6.75596, target 6.76299, 6.76900