USD/CNH may rise 85 - 121 pips

Our pivot point stands at 7.2985.

Our preference

Rebound.

Alternative scenario

The downside breakout of 7.2985 would call for 7.2925 and 7.2889.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above its 20 period moving average (7.3019) but under its 50 period moving average (7.3051).

Supports and resistances

7.3234 **

7.3198 *

7.3163 **

7.3127

7.3042 last

7.3008

7.2985 **

7.2925 *

7.2889 **

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