USDCNH: within a narrow range

Fundamental analysis:

The USD/RMB remained volatile around 6.97459. The Central Economic Work Conference pointed out that it is necessary to maintain reasonable and sufficient liquidity, keep the growth rate of broad money supply and social financing scale basically matching the nominal economic growth rate, and guide financial institutions to increase support for small and micro enterprises, Support for scientific and technological innovation, green development and other fields. Maintain the basic stability of the RMB exchange rate at a reasonable and balanced level, and strengthen the financial stability guarantee system.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term entanglement in the low-level range fluctuates within a narrow range, the market is still hovering at the short-term low level, and the final direction decision cannot be made in the short-term. The MACD indicator is hovering around the 0 axis, and the RSI indicator is in a weak order near the 50 balance line;

Long-short turning point: 6.98150

Suppression: 7.00131, 7.02229

Support: 6.95295, 6.93605

Trading strategy: bearish below 6.98150, target 6.95295, 6.93605

Alternative strategy: Bullish above 6.98150, target 7.00131, 7.02229