USD/CNH may rise 70 - 102 pips

Our pivot point is at 7.2867.

Our preference

The upside prevails as long as 7.2867 is support.

Alternative scenario

The downside breakout of 7.2867 would call for 7.2814 and 7.2782.

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 7.2911 and 7.2903).

Supports and resistances

7.3078 **

7.3046 *

7.3015 **

7.2983

7.2913 last

7.2888

7.2867 **

7.2814 *

7.2782 **

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