"The USD/CNY 1 Year NDF slipped to its current January low at 6.6050, to the 100% Fibonacci extension, before rapidly bouncing back from there," Commerzbank Technical Analysis Research Team notes.

Key quotes

Resistance between the 6.7108 October low and the 6.7266 November trough is thus in focus but may well cap on the first attempt.

Only a rise and daily chart close above the next higher December high at 6.7962 would make us bullish again.

Until this happens and while the current January and the September low at 6.6050/6.5785 underpin, we will retain our neutral outlook.

Should we be proved to be incorrect, we would have to allow for the October 2015 low at 6.4790 to be reached.

En route sits the late October 2015 high at 6.5695.