Weekly Chart USD/CNH: Still grinding lower, but stretched

Still grinding lower to reach fresh year low at 6.7375 as prices extend losses from the April 2025 year high and nearby see room to target 6.7350, 61.8% Fibonacci level.

Bearish structure from the March high at 6.9440 keep pressure on the downside but bearish momentum slows as daily and weekly studies extend deep into oversold areas. Below the 6.7350 Fibonacci level will see room for extension within the broad wedge pattern from the March high to the 6.7200 congestion then the 6.7000 figure and 2023 year low where reaction can be expected. 

However, bullish divergence on weekly studies caution corrective bounce with resistance starting at the 6.7540/6.7630 recent lows and extending to 6.7810 mid-May low. Would need lift over these to open up room for stronger gains resistance at 6.8000/6.8200 congestion and June high. Above here will see scope to strong resistance at 6.8500, late-April high.