USDCNH: within a narrow range

The USD/RMB remained oscillating around 6.77446. The cross-border RMB business volume in Guangdong Province reached 5.9 trillion yuan, an increase of 11.3% year-on-year, accounting for 44.4% of the cross-border settlement in local and foreign currencies during the same period, an increase of 2.7 percentage points from the previous year; The volume of cross-border RMB business reached 1.9 trillion yuan, a year-on-year increase of 29.0%, becoming the main engine driving the growth of cross-border RMB business. The RMB has become the largest cross-border settlement currency in the Greater Bay Area for three consecutive years.

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

The 4-hour chart: the low-level long-term momentum maintains a narrow range of shocks. Although the market’s long-term momentum shows signs of upward movement, its stamina is weak, and it has not been able to effectively break through and pull up in the short term. Weak consolidation near the equilibrium line;

Long-short turning point: 6.76927

Suppression: 6.78963, 6.80652

Support: 6.75437, 6.73848

Trading strategy: Bullish above 6.76927, target 6.78963, 6.80652

Alternative strategy: bearish below 6.76927, target 6.75437, 6.73848