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USDCNH: Bears move down
2023-04-14
937
Fundamental analysis:
The USD/RMB remained oscillating around 6.87013. In the first quarter of this year, the total value of China's foreign trade imports and exports was 1.44 trillion US dollars, a year-on-year decrease of 2.9%, of which exports were 821.83 billion US dollars, a year-on-year increase of 0.5%; imports were 204.71 billion US dollars, a year-on-year decrease of 7.1%.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The short-term dynamics are oscillating downward, and the short-term decline may continue. The market as a whole is in a bearish trend. The MACD indicator is slowly moving down below the 0 axis, and the RSI indicator is below the 50 balance line.
Resistance levels: 6.87673 6.88113
Support levels: 6.86655 6.86291
Trading strategy: bearish below 6.87208, target 6.86655 6.86291
Alternative strategy: Bullish above 6.87208, target 6.87673 6.88113
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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