Since the end of July, the USD/CNH currency pair has been depreciating, guided by a descending trend line.
From a theoretical point of view, it is likely that some downside potential could continue to prevail in the market in the medium term. In this case the exchange rate could gain support from the Fibo 61.80% at 6.6069.
If the given support level holds, it is likely that the currency pair could reverse north and target the Fibo 23.60% located at 6.9733.
