USDCNH: range-bound

USD/RMB remained oscillating around 6.87792. In March, the recovery momentum of China's manufacturing and service industries diverged, and the recovery of the service industry continued to accelerate. The Caixin China General Service Industry Business Activity Index (Service PMI) for March 2023 released on April 6 recorded 57.8, an increase of 2.8 percentage points from the previous month, hitting a new high in 28 months and staying in the expansion range for three consecutive months. On Good Friday in the United States, CME's foreign exchange futures contracts ended trading at 00:15 on the 8th Beijing time.

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

The 4-hour chart: the high position maintains a narrow rectangular range in the short term. Although there are many short-term probes back and forth between the upper and lower rail interval nodes, the market has not yet given a general direction guide. The MACD indicator is hovering around the 0 axis and the RSI indicator is at the 50 balance line Neighboring weak finishing;

Resistance levels: 6.85559 6.89177

Support levels: 6.87229 6.86667

Trading strategy: bearish below 6.87909, target 6.87229 6.86667

Alternative strategy: Bullish above 6.87909, target 6.85559 6.89177