USD/CNH Price Analysis: Rebound needs validation from $6.4565

• USD/CNH edges higher, snaps four-day downtrend to recover from 11-week low.
• RSI rebound, bounce off 50% Fibonacci retracement favor consolidation.
• 100-DMA, two-week-old resistance line guards short-term upside moves.

USD/CNH remains firmer around $6.4470, up 0.11% intraday, during early Monday.

In doing so, the offshore Chinese currency (CNH) pair rises for the first time in five days while keeping the bounce off the lowest levels marked since June, as well as 50% Fibonacci retracement (Fibo.) of May–July upside.

As RSI consolidates the recent downside, the latest corrective pullback is likely to extend towards the key $6.4565 hurdle, comprising 100-day EMA and a downward sloping resistance line from August 20.

However, any further upside won’t hesitate from challenging the early August lows near $6.4750.

Meanwhile, a daily closing below the 50% Fibo. level near $6.4400 will attack 61.8% Fibonacci retracement level near $6.4200.

While the USD/CNH bears are likely to step back from $6.4200, a horizontal area from late May, around $6.4100, adds to the downside filters below June’s low near $6.3780.

USD/CNH: Daily chart

Trend: Bearish