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USDCNH: resistance to pull up
2023-04-16
942
Fundamental analysis:
The USD/RMB remained volatile around 6.87000. Yi Gang, Governor of the People's Bank of China, met with Jordan, President of the Swiss National Bank, during the Spring Meetings of the International Monetary Fund/World Bank in Washington, USA. The two sides exchanged views on the economic and financial situation between China and Switzerland.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the low-level strong V-shaped reversal pull-up trend is blocked, the short-term bearish sentiment remains, the bullish pull-up momentum begins to weaken, the MACD indicator is in the bearish area and moves up, and the RSI indicator is hovering around the 50 balance line;
Resistance levels: 6.87673 6.88113
Support levels: 6.86655 6.86291
Trading strategy: bearish below 6.87208, target 6.86655 6.86291
Alternative strategy: Bullish above 6.87208, target 6.87673 6.88113
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