USDCNY

The Chinese yuan has been bouncing back from the low that it made on 29 January. This might broadly be wave 24 long-term bearish trend that started in the USDCNY. The contract topped out in May 2020 from where the 1st 5 wave decline can be seen. This is wave 1. Wave 2 might retrace at least 23.6% at 6.60 before starting wave 3 down. We cannot also rule out the 38.2% retracement up to 6.71 before that happens.