USD/CNH may fall 71 - 103 pips

7.2925 is our pivot point.

Our preference

The downside prevails as long as 7.2925 is resistance.

Alternative scenario

Above 7.2925, look for 7.2979 and 7.3011.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 7.2892 and 7.2881).

Supports and resistances

7.3011 **

7.2979 *

7.2925 **

7.2904

7.2878 last

7.2807

7.2775 **

7.2743 *

7.2711 **

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