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USDCNH: Bulls up
2023-02-16
1057
Fundamental analysis:
The USD/RMB remained volatile around 6.86238. The People’s Bank of China conducted a one-year medium-term lending facility (MLF) operation of 499 billion yuan on Wednesday to over-hedge the 300 billion yuan MLF due this month, increasing the volume for three consecutive months. The interest rate was left unchanged at 2.75%.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level bullish momentum remains volatile and rising, the short-term bullish sentiment remains, the market as a whole is in a bullish mood, the MACD indicator is at a high level in the bullish zone, and the RSI indicator is hovering at a high level in the bullish zone.
Long-short turning point: 6.85690
Suppression: 6.87109, 6.87849
Support: 6.84826, 6.83993
Trading strategy: Bullish above 6.85690, target 6.87109, 6.87849
Alternative strategy: bearish below 6.85690, target 6.84826, 6.83993
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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