USD/CNH may rise 74 - 106 pips

7.2669 is our pivot point.

Our preference

Our next up target stands at 7.2818.

Alternative scenario

Below 7.2669, expect 7.2616 and 7.2584.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 7.2697 and 7.2703).

Supports and resistances

7.2882 **

7.2850 *

7.2818 **

7.2786

7.2712 last

7.2690

7.2669 **

7.2616 *

7.2584 **

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