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USDCNH: hovering at a high level
2023-02-17
1046
Fundamental analysis:
The U.S. dollar against the renminbi remained volatile around 6.86698. The Ministry of Commerce: China-Australia trade has been developing normally. Last year, the trade in goods exceeded 220 billion U.S. dollars, bringing tangible benefits to the enterprises and people of the two countries.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish dynamics continue to fluctuate at a high level and then hover, short-term or entangled, the market as a whole is still in a bullish mood, the MACD indicator is hovering at a high level in the bullish zone, and the RSI indicator is in the bullish zone for consolidation;
Long-short turning point: 6.86166
Suppression: 6.87849, 6.88765
Support: 6.85256, 6.84411
Trading strategy: Bearish below 6.86166, target 6.85256, 6.84411
Alternative strategy: Bullish above 6.86166, target 6.87849, 6.88765
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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