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USD/CNH is lacking a clear directional bias for the third straight day. The pair is currently trading at 7.11, having charted lower highs and higher lows over the last three days.
Essentially, the pair has created back-to-back inside bar candlestick patterns on the daily chart.
A break above 7.1260 – the high of the first inside bar candle created on Monday – would imply a resumption of the rally from Sept. 13's low of 7.0309.
Meanwhile, a close below 7.09735 – the low of the first inside bar candle created on Monday – would mean bearish reversal and expose levels below 7.06. Such a decline would mark the completion of an head-and-shoulders pattern on the daily chart.
As of now, the neckline support is seen around 7.0470. A close lower would confirm a breakdown and open the doors to 6.90 (target as per the measured move method).
Trend: Bearish below 7.09735