USD/CNH surges sharply as offshore Yuan is in suffering heavy selloff on China’s coronavirus outbreak. Rebound from 6.8452 is now targeting channel resistance (7.0135). Decline from 7.1953 high is seen as a corrective move, which might has completed at 6.8452 already. Sustained break of the channel resistance should confirm this case and bring retest of 7.1953 high. Nevertheless, rejection by the channel resistance will retain near term bearishness. Break of 6.9209 will target a test on 6.8452 low instead.
