USD/CNH may rise 74 - 110 pips

Our pivot point stands at 7.3001.

Our preference

The upside prevails as long as 7.3001 is support.

Alternative scenario

The downside breakout of 7.3001 would call for 7.2942 and 7.2906.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 7.3028 and 7.3001).

Supports and resistances

7.3234 **

7.3198 *

7.3163 **

7.3127

7.3053 last

7.3025

7.3001 **

7.2942 *

7.2906 **

Number of asterisks represents the strength of support and resistance levels.