USDCNH: The cross again fails to breach the July 02 on Wednesday’s Asian session. We believe it may be running into an area of resistance defined the following:
• The 61.8% fib reaction seems to be at 6.7000 (Jan 2017 high-March 2018 low)
• The parallel appears between 6.7160-6.7230
• Traced out a between 6.9950-6.6862
• The daily studies and the oscillator are remaining
• Overall spread between 6.7000-6.7230
On a monthly basis, a recovery back above 6.7640 Jan 2016 high seems hard. In this case, this would point a new downward wave towards 6.6130-6.6000.