The USDCNH structure hints to the completion of a cycle wave correction b.
This is a bearish triple zigzag that consists of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
The development of a new bullish trend hints at prices rising in a 5-wave impulse, with two-minute sub-waves complete.
It is likely that prices will move above 6.843. This was previously formed by the primary intervening wave Ⓧ.
An alternative scenario shows that bearish correction b is not yet complete.
Intermediate impulse wave (A), which is the first part of the final wave Ⓩ of the primary degree, has recently ended.
We now see the formation of a bullish correction wave (B). We could expect this to end near 6.725. At that level, it will be at 61.8% of bearish impulse (A).
After completing this correction, we could see the depreciation in the intermediate wave (C) below the previous low of 6.531.