简体中文
ภาษาไทย
繁體中文
Indonesia
USDCNH: Bears on the downside
2023-04-04
986
Fundamental analysis:
The USD/RMB remained volatile around 6.87337. Caixin China’s manufacturing PMI data for March showed signs of weakening momentum in the rapid economic recovery, reflecting the weak foundation for economic recovery after the short-term release of pent-up demand during the epidemic. Looking ahead, economic growth still depends on the boost of domestic demand, especially the improvement of residents' consumption level.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term momentum continues to fluctuate and move down, the short-term decline may continue, the market short-term momentum has not stopped short-term decline, the MACD indicator is hovering around the 0 axis, and the RSI indicator is in a weak order near the 50 balance line;
Resistance levels: 6.88368 6.89176
Support levels: 6.86675 6.86001
Trading strategy: bearish below 6.87675, target 6.86675 6.86001
Alternative strategy: Bullish above 6.87675, target 6.88368 6.89176
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.
Free AccessDaily Trading Strategy
Download Now
CM Trade Mobile Application
Economics Calendar
More
