USD/CNH Price Analysis: Corrective bounce is stalling

USD/CNH's recovery rally from 17-month lows looks to have run out of steam.

The long upper wicks attached to the previous four daily candles indicate buyer exhaustion above 6.83.

In other words, these candles indicate the buyers lack the strength to extend the bounce from the Sept. 16 low of 6.7453 beyond 6.83.

Coupled with a potential descending triangle breakdown on the hourly chart, that would open the doors for a re-test of the recent low of 6.7453.

Alternatively, a convincing close above 6.83 would signal a continuation of the recovery rally.

Daily chart

Trend: Neutral