Weekly Chart USD/CNH: Corrective bounce within the wedge pattern

Saw bounce from fresh year low at 6.6425 as prices unwind oversold daily studies to reach resistance at the 6.6855 wedge top.  

Weekly studies have turned up from oversold area as well with bullish divergence suggesting scope for stronger bounce ahead. Break above the 6.6855 high and wedge resistance will open up room for stronger gains to retrace losses from the 6.8200 June swing high to resistance at 6.6910 September low and extending to the 6.7000 figure and 2023 year low. Gains beyond these, if seen, will see scope for stronger bounce to the September high at 6.7260 and the 6.7500 congestion.

Corrective gains from the 6.6425 low are expected to give way to renewed selling pressure later. Break will extend the underlying bear trend from the April 2025 year high and room for extension to support at 6.6160 low of June 2022 then the 6.6000 figure.