USDCNH: Oscillating within a low range

Fundamental analysis:

The U.S. dollar against the renminbi remained oscillating around 6.96415. The Central Bank of China: According to preliminary statistics, the increase in the scale of social financing in November 2022 will be 1.99 trillion yuan, which is 610.9 billion yuan less than the same period last year. As of December 12, 2022, the People's Bank of China has conducted open market business spot bond buyout transactions through quantitative bidding, buying 750 billion yuan of special treasury bonds from primary dealers in the open market.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term entanglement is low and weak and fluctuates within a narrow range, the market as a whole is hovering at a short low position, and it has not been able to get out of the range consolidation trend in the short term.

Long-short turning point: 6.97377

Suppression: 6.99464, 7.01029

Support: 6.94694, 6.92666

Trading strategy: bearish below 6.97377, target 6.94694, 6.92666

Alternative strategy: Bullish above 6.97377, target 6.99464, 7.01029