Due to USA involved in the war between the Russia and Ukraine and declining economy according to various economic data, more people in the world show their preferrence to buy safe haven assets including CNY, because of China's stable development. With CNY rising, US dollar has kept falling.
few ppl have noticed the strength in RMB. China seems to have printed less money compared to USA for COVID payments. Also Russia may use more RMB since they can not use USD. If the RMB gets too strong in the coming years, USD will intervene.... somehow....
AngelinaJudy
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Analysis is accurate
nnnmkl666
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From the downtrend channel you described, it looks reasonable.