USDCNH: Accumulating momentum in a narrow range

Fundamental analysis:

The current global economic situation is full of challenges, instability and uncertainties have increased significantly, and the international financial market is volatile. However, my country has effectively coordinated epidemic prevention and control and economic and social development. The economy has strong resilience, great potential, and sufficient vitality. The fundamentals of long-term improvement will not change, and it will continue to support the overall stability of the scale of foreign exchange reserves.

USDCNH daily chart:

A brief technical analysis:

From the daily chart: the price has fallen slightly and is still in a strong area, the MACD is running on the 0-axis but the volume can shrink slightly, and the RSI has fallen slightly. It is expected that the short-term exchange rate will likely rise further after falling back.

Long-short turning point: 6.6420

Resistance: 6.7600 6.8870

Support level: 6.5375 6.4260

Trading strategy: above 6.6420, bullish, target price at 6.7600, 6.8870

Alternative strategy: below 6.6420, bearish, target price at 6.5375, 6.4260