USD/CNH Technical Analysis: Flag breakdown may allow re-test of recent lows

USD/CNH slipped 0.38 percent yesterday, confirming a bear flag breakdown on the daily chart. That continuation pattern usually accelerates the preceding bearish move.

The pair, therefore, risks revisiting the recent low of 6.6733.

The bearish case looks even stronger if we take into account the fact that yesterday's candle was a bearish marubozu, which is a tell-tale sign of sellers dominating the proceedings.

Daily chart

Trend: Bearish

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