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USDCNH: high retracement
2023-02-14
1055
Fundamental analysis:
USD/RMB fluctuates around 6.82156, and there are still uncertain factors in the external environment. However, my country’s economy has strong resilience, great potential, and sufficient vitality. The fundamentals of long-term improvement have not changed. Cross-border capital flows will be more stable.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: The bullish momentum maintains a volatile upward trend. After a short-term high, it encounters resistance and retreats. The market’s bear sentiment begins to emerge slowly, and there are signs of continuing to move down in the short term. The MACD indicator is in the bullish zone and maintains consolidation. ;
Long-short turning point: 6.82308
Suppression: 6.83206, 6.83942
Support: 6.81365, 6.80603
Trading strategy: bearish below 6.82308, target 6.81365, 6.80603
Alternative strategy: Bullish above 6.82308, target 6.83206, 6.83942
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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