USDCNH: Vibration due to resistance during lifting

Fundamental analysis:

The USD/RMB exchange rate remained volatile around 7.25219. At the regular press conference, Shu Jueting, a spokesman of the Ministry of Commerce, said that at present, contact, communication and consultation were being conducted with members in accordance with the CPTPP accession procedure. In order to actively promote the accession process, China has conducted a full, comprehensive and in-depth study and evaluation on the rules of the text of the agreement, and sorted out the reform measures and revised laws and regulations that may need to be taken to join the CPTPP.

USD/RMB USDCNH - 4-hour K line chart shows:

Technical analysis:

The 4-hour chart shows that the low bulls' momentum has maintained the shock and moved up, and then began to shock. In the short term, the market short position suppression is relatively strong. The MACD index is maintained in the short position area, and the RSI index is in the weak position near the 50 equilibrium line;

Empty turning point: 7.25956

Pressing: 7.27963, 7.29929

Support: 7.23136, 7.21232

Trading strategy: bearish at 7.25956, target 7.23136, 7.21232

Alternative strategy: bullish above 7.25956, target 7.27963, 7.29929