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USDCNH: Shock down
2023-04-13
889
Fundamental analysis:
The U.S. dollar against the RMB remained volatile around 6.87771. At the invitation of State Councilor and Foreign Minister Qin Gang, the European Union’s High Representative for Foreign Affairs and Security Policy and Vice President of the European Commission Borrell will visit China from April 13 to 15 and hold the twelfth round of China-EU High-level strategic dialogue.
US dollar RMB USDCNH - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term dynamics fluctuate downward, the short-term decline may continue, the market is shrouded in bearish sentiment, the MACD indicator is hovering above the 0 axis, and the RSI indicator is hovering weakly below the 50 balance line;
Resistance levels: 6.88491 6.88990
Support levels: 6.87279 6.86734
Trading strategy: bearish below 6.88036, target 6.87279 6.86734
Alternative strategy: Bullish above 6.88036, target 6.88491 6.88990
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