USD/CNH jumped 0.33 percent yesterday – the biggest single-day gain since Feb. 1 – having witnessed a descending triangle breakout on the hourly chart earlier this week.
Further, the 4-hour chart shows a falling wedge breakout – a bullish reversal pattern.
What’s more, the pair has faded the drop below the 50-week MA, validating the long-term bullish setup indicated by that upward sloping average.
While the immediate bearish case looks to have weakened, a bearish-to-bullish trend change would be confirmed after the pair violated the bearish lower high pattern with a move above 6.80.
Hourly Chart
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4-hour Chart
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Weekly chart
Trend: Neutral, oversold bounce underway
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