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USDCNH: Bears on the downside
2023-07-21
852
Fundamental analysis:
USD/RMB remained volatile around 7.17327. The Shanghai Headquarters of the People’s Bank of China Cross-border RMB Business Department held a press conference. The Shanghai Headquarters of the People’s Bank of China will continue to support RMB business for cross-border e-commerce, and further leverage the cross-border RMB settlement business to serve the real economy and facilitate trade and investment support the development of new formats of foreign trade.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum is declining rapidly, the short-term decline may continue, the market is shrouded in bearish sentiment, the MACD indicator maintains shocks and moves down to hover around the 0 axis, and the RSI indicator is in a weak order below the 50 balance line;
Resistance levels: 7.18898 7.19826
Support levels: 7.16412 7.15544
Trading strategy: bearish below 7.17880, target 7.16412 7.15544
Alternative strategy: bullish above 7.17880, target 7.18898 7.19826
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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