USD/CNH Technical Analysis: Lower highs favor downside move

• The USD/CNH pair could feel the pull of gravity over the next few days, having created another lower high of 6.8755 on the daily chart.
• A similar sentiment is echoed by the descending triangle breakdown seen in the hourly chart.
• The intraday outlook would turn bullish if the pair finds acceptance above 6.8527 (lower high).

Hourly Chart

Spot Rate: 6.8289

Daily High: 6.8411

Daily Low: 6.8214

Trend: Bearish

Resistance

R1: 6.8411 (session high)

R2: 6.8584 (Sep. 2 high)

R3: 6.8755 (Aug. 30 high)

Support

S1: 6.8207 (Aug. 21 low)

S2: 6.7820 (50-day MA)

S3: 6.7810 (Aug. 27 low)