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USDCNH: wide shock

Fundamental analysis:
The U.S. dollar against the RMB remained volatile around 6.96655. The results of the national banker survey conducted by the People’s Bank of China in the fourth quarter of 2022 showed that the monetary policy sentiment index was 68.0%, a decrease of 4.4 percentage points from the previous quarter and an increase of 13.9 percentage points from the same period of the previous year. .

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

Brief technical analysis:
Looking at the 4-hour chart: short-term gaps and shocks down, the low range is wide-ranging, the market as a whole is in a weak position, the MACD indicator is weakly hovering below the 0 axis, and the RSI indicator is weakly finishing below the 50 balance line;
Long-short turning point: 6.96946
Suppression: 6.97536, 6.98028
Support: 6.96117, 6.95654
Trading strategy: bearish below 6.96946, target 6.96117, 6.95654
Alternative strategy: Bullish above 6.96946, target 6.97536, 6.98028

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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