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USDCNH: weak pullback

Fundamental analysis:

The USD/RMB remained volatile around 6.95298. A package of growth stabilization measures and marginal changes in epidemic prevention and control measures are expected to drive economic recovery in the first half of 2023. The annual GDP growth in 2023 is expected to reach around 5.5%, with a two-year average growth rate exceeding 4%. Superimposed on the low base effect in the second quarter and the fourth quarter of 2022, it is expected that my country's GDP trend will be "N" in 2023, and the two-year average growth rate after excluding the base effect will first increase and then decrease.

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 momentum continues to fluctuate and move down, the short-term decline may continue, the market as a whole is in a weak position, the MACD indicator is at a high level in the bullish area, and the RSI indicator is in a weak order above the 50 balance line;

Long-short turning point: 6.95919

Suppression: 6.97432, 6.98945
Support: 6.94048, 6.95655

Trading strategy: bearish below 6.95919, target 6.94048, 6.95655
Alternative strategy: Bullish above 6.95919, target 6.97432, 6.98945

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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