USD/CNH Technical Analysis: Immediate bearish case weakens

USD/CNH jumped 0.33 percent yesterday - the biggest single-day gain since Feb. 1 - having witnessed a descending triangle breakout on the hourly chart earlier this week. 

Further, the 4-hour chart shows a falling wedge breakout - a bullish reversal pattern. 

What's more, the pair has faded the drop below the 50-week MA, validating the long-term bullish setup indicated by that upward sloping average. 

While the immediate bearish case looks to have weakened, a bearish-to-bullish trend change would be confirmed after the pair violated the bearish lower high pattern with a move above 6.80. 

Hourly Chart

4-hour Chart

Weekly chart

Trend: Neutral, oversold bounce underway