Ella 
In early trading on Wednesday, USD/CNH refreshed its intraday low to around 7.3160. USD/CNH reversed from year-to-date (YTD) highs set earlier in the day as the market braced for the Fed minutes.
In other news: Forex today: Dollar holds monthly highs after U.S. data
Notably, China’s housing price index recorded -0.1% in July (vs. 0.0% previously), coupled with weak industrial production and retail sales data previously released, keeping USD/CNH bulls on hold after the recent pullback.
Nonetheless, the relative strength indicator (14) is overbought and the market is consolidating ahead of important announcements, leading USD/CNH towards previous resistance from late October 2022, most recently around 7.2680. On the downside, the key level of 7.3000 is expected to act as support.
However, unless USD/CNH remains within the range of 7.3950 and 7.1730, an uptrend channel that has been around since late February, bulls can’t help but hold on to their hopes.
Meanwhile, the multiple tops formed in late 2022 form a horizontal region, around 7.3550-3750, which appears to be acting as strong resistance for USD/CNH bulls, especially with the RSI overbought.
