USD/CNH Price Analysis: Looks for more downside below $6.4495 post-China's trade data

• USD/CNH edges lower on Tuesday post-China's upbeat trade data.
• More downside is envisioned for the pair if price decisively breaks $6.4495.
• Bears dominate trade as price stay pressurized below 100-day SMA.

USD/CNH fails to sustain the previous day’s gain on Tuesday and retreats from the higher levels.  The pair opened moves in a very narrow trade band with no meaningful traction.

At the time of writing, USD/CNH is trading at $6.4501, down 0.02% for the day.

USD/CNH Daily Chart

On the daily chart, the pair has been consolidating in a broader trading band of $6.4500 and $6.5000 for the past four months.
Currently, bears keep their upper hand at the price movement as price trades below the 100-day Simple Moving Average at $6.4554.

Noe, If price sustained below the intraday’s low at $6.4480, it could move further down toward the $6.4400 horizontal support level.

The receding Moving Average Convergence Divergence (MACD) indicator signifies the underlying bearish sentiment in the pair. Any downtick in the MACD would amplify the selling opportunity to the  $6.4280 horizontal support level.

In doing so, USD/CNH would further move down toward the low made on June 17 at $6.4216, which also mark the break of the mentioned broader trading range.

Alternatively, a reversal in price movement would try to test the multiple resistance formation at the $6.4610 resistance level.

A daily close above the mentioned level would confirm the dominance of the bulls over the price action. 

Next, the market participants keep their eye on the August 31 high at $6.4719 followed by the $6.4800 horizontal resistance level.

USD/CNH additional levels