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USDCNH: within a narrow range
2023-07-12
732
Fundamental analysis:
USD/RMB remained oscillating around 7.21159. The social financing scale in China in June was 5.17 trillion yuan in a single month, with an expected value of 4.2 trillion yuan and a previous value of 2.79 trillion yuan.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The short-term momentum maintains a narrow range of shocks and moves downward. After being supported in the short term, the shocks shift. The market’s short-term sentiment shows signs of weakening, but the short-term sentiment remains. weak finishing;
Resistance levels: 7.22318 7.23107
Support levels: 7.20411 7.19797
Trading strategy: bearish below 7.21573, target 7.20411 7.19797
Alternative strategy: Bullish above 7.21573, target 7.22318 7.23107
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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