In the long run, USDCNH seems to be forming a zigzag pattern consisting of supercycle waves (a)-(b) and (c).
Following the completion of supercycle wave (b), we could now expect impulsive cycle waves I-II-III-IV and V to finalize supercycle wave (c). With cycle waves I-II and III done, we are likely to see a bearish correction in the primary degree, where wave IV will end.
We can notice that wave IV consists of primary waves Ⓦ-Ⓧ-Ⓨ, however, the primary wave Ⓨ is still under development, hinting to further declines.
Waves Ⓦ and Ⓧ both show zigzags completed by intermediate waves (A)-(B) and (C). Wave (B) of Ⓦ is a triangle, whereas both waves (A) and (C) are 5-wave impulses; a zigzag is a 5-3-5 pattern.
Wave Ⓨ of the double zigzag pattern will most likely complete intermediate wave (C) with an impulsive 5-wave structure too. Prices could fall to 6.863 – 6.901, where cycle wave IV could also end.
From there, we could expect the last upside move to completing cycle wave V, which would put an end to the supercycle wave (c) too.