Chartbook: Chart USD/CNH: Remains under pressure

Consolidation above support at the 6.8500 congestion in March gave way to renewed selling pressure at the start of Q2 to extend sharp losses from the 7.4290, 2025 year high.

Break of the 6.8500 level has seen steady losses through the 6.8000 figure and see room to the 6.7500 congestion. Below this will see room for extension to the 6.7350, 61.8% Fibonacci level. Break below this 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 for further losses to the 6.6500/6.6000 area.

Meanwhile, resistance is lowered to the 6.8000/6.8500 congestion area which is expected to cap. Only above here will open up room for stronger corrective bounce to the 6.9000/6.9200 congestion area.