Weekly Chart USD/CNH: Remains under pressure, but stretched

Steadied at the 6.7420 low of last week as prices consolidate losses from the 6.8200, June swing high.

While pressure remains on the downside as prices extend bearish structure from the 7.4295, April 2025 year high, recent losses see bearish momentum showing signs slowing. However, further losses cannot be ruled out and lower will see room to support at 6.7350, 61.8% Fibonacci level, and 6.7200 congestion. Lower still, will see potential to retest the 6.7000 figure and 2023 year low where reaction can be expected. A later break here will open up room to the 6.6500/6.6000 area.

Meanwhile, resistance is lowered to the recent 21 July low at 6.7630 and extending to 6.7810, congestion area. This area is expected to cap and only above here will open up room for stronger corrective bounce to the 6.8000/6.8200, July/June lower highs.