USDCNH: high volatility

USD/RMB remained volatile around 6.80414. Minister of Commerce Wang Wentao held a video meeting with Australian Trade Minister Farrell at the request. The two sides conducted professional, pragmatic and candid exchanges on implementing the important consensus reached by the leaders of the two countries in Bali, Indonesia, properly handling each other's key economic and trade concerns, and planning and developing China-Australia economic and trade relations in the next stage.

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

Looking at the 4-hour chart: high short-term wide fluctuations, the market is still bullish, and there are signs of continued upward movement in the short term. The MACD indicator is in the long-term zone and continues to move upward, and the RSI indicator is in the long-term zone to maintain consolidation;

Long-short turning point: 6.80494

Suppression: 6.81098, 6.81664

Support: 6.79632, 6.79046

Trading strategy: Bullish above 6.80494, target 6.81098, 6.81664

Alternative strategy: bearish below 6.80494, target 6.79632, 6.79046