USDCNH: high order

The USD/RMB remained volatile around 6.88079. The "China Housing Leasing Market Development Report (First Quarter 2023)" shows that in the first quarter of 2023, the activity of housing leasing markets in China's 40 cities rose again year-on-year, and the transaction volume in 40 key cities across the country increased by 14.7% year-on-year %. From the perspective of rent levels, the comprehensive index of housing rents in China’s key 40 cities in the first quarter rose by 0.43% month-on-month; compared with the same period last year, housing rents fell by 4.7%.

US dollar RMB USDCNH - the 4-hour K-line chart shows:

The 4-hour chart: the low-level long-term momentum pulls up and then high-level consolidation, the short-term long-term power gradually weakens, the market is still bullish, the MACD indicator is hovering above the 0 axis, and the RSI indicator is hovering weakly on the side of the 50 balance line;

Resistance levels: 6.88549 6.89019

Support levels: 6.87307 6.86776

Trading strategy: Bullish above 6.87807, target 6.88549 6.89019

Alternative strategy: bearish below 6.87807, target 6.87307 6.86776