USDCNH: Weak down

Fundamental analysis:

The U.S. dollar against the renminbi maintains a shock around 6.87973. Starting from the fourth quarter of 2022, the city governments can evaluate changes in the sales prices of new local commercial housing at the end of each quarter, from the end of the previous quarter to the second month of this quarter. Do a dynamic assessment. For cities in which the sales price of newly-built commercial housing has declined for three consecutive months month-on-month and year-on-year during the evaluation period, the lower limit of interest rates on first-home commercial personal housing loans will be gradually relaxed.

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

Brief technical analysis:

Looking at the 4-hour chart: the low-level and narrow-range shocks are slowly descending, the market is shrouded in bearish sentiment, the short-term downward trend is good, the MACD indicator is in the short-term area, and the RSI indicator is hovering in the short-term area;

Long-short turning point: 6.88586

Suppression: 6.89559, 6.90479

Support: 6.87087, 6.86207

Trading strategy: bearish below 6.88586, target 6.87087, 6.86207

Alternative strategy: Bullish above 6.88586, target 6.89559, 6.90479