USDCNH 6.2031: Neutral – Within a 2-month symmetrical triangle

USDCNH has been ranging within a narrow range between 6.2283 and 6.1850 (as shown on the daily chart) over the last two months forming a symmetrical triangle pattern. While the 6.2186 resistance area caps any bounces, a breakdown below the 6.1850 range support would confirm a bearish pennant and extend the downleg from 6.3021 (March 2, 2015 high) towards 6.1540 (October 16, 2014 high) near 6.1549 (76.4% of the 6.1095/6.3021 rise) next. However, an upside push through 6.2186 would stabilize the pair and open 6.2283 initially.

Outlook:
Short term: neutral
Long term: neutral