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USDCNH: weak retracement

Fundamental analysis:

The USD/RMB fluctuated around 6.67913. During the Lunar New Year of the Rabbit, the use of digital renminbi has become a "new trend" for shopping and payment for citizens in many regions. The digital renminbi coupons launched in pilot areas have also stimulated everyone's enthusiasm for consumption. "When paying online, many platforms will display the option of 'digital renminbi'.

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

Brief technical analysis:

Looking at the 4-hour chart: After the short-term entanglement in a narrow range, the short-term momentum is waiting for opportunities to ferment and slowly move downwards. The market’s bearish sentiment continues. The MACD indicator is hovering weakly near the 0 axis, and the RSI indicator is near the 50 balance line. Signs of weak consolidation and downward movement;

Long-short turning point: 6.77439

Suppression: 6.78716, 6.79717
Support: 6.75748, 6.74505

Trading strategy: bearish below 6.77439, target 6.75748, 6.74505
Alternative strategy: Bullish above 6.77439, target 6.78716, 6.79717

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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