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USDCNH: Narrow finishing
2023-03-29
946
Fundamental analysis:
The U.S. dollar against the renminbi remained volatile around 6.87473. The Governor of Victoria, Australia, will visit China this week for a trade visit. China is willing to work together with Australia to start and resume dialogue and communication in various fields based on the principles of mutual respect, mutual benefit and win-win results, and seeking common ground while reserving differences. , expand cooperation, and push bilateral relations back on track.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
4-hour chart: Bulls’ motivation is short-term shocks and then encounters resistance, bulls are strong, bears’ sentiment has signs of waiting for an opportunity to enter the market, and starts to slowly move downward. ;
Resistance levels: 6.88982 6.89962
Support levels: 6.86564 6.85617
Trading strategy: bearish below 6.87643, target 6.86564 6.85617
Alternative strategy: Bullish above 6.87643, target 6.88982 6.89962
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