Weekly Chart USD/CNH: Still tracking lower within a wedge pattern

Steadied at the 6.7400 low as prices consolidate recent losses from the 6.8200 June swing high.

Bearish structure from the March high at 6.9440 keep pressure on the downside but bearish momentum slows as daily studies are deep into oversold areas. However, further losses cannot be ruled out and lower will extend the broader losses from the April 2025 year high to target 6.7350, 61.8% Fibonacci level. Lower still, will see room for extension to 6.7200 congestion and the 6.7000 figure and 2023 year low where reaction can be expected. 

Meanwhile, resistance 6.7810/6.8000, mid-May low and congestion area, keep pressure firmly on the downside. However, the stretched daily studies and divergence on weekly chart caution corrective bounce within the wedge pattern from the March high. Lift over the 6.7810/6.8000 area will open up room for stronger gains to resistance at the 6.8200/6.8500, June and late-April highs.