USD/CNH may rise 120 - 174 pips

Our pivot point stands at 7.2399.

Our preference

As long as 7.2399 is support look for 7.2646.

Alternative scenario

Below 7.2399, expect 7.2309 and 7.2255.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 7.2471 and 7.2460).

Supports and resistances

7.2753 **

7.2699 *

7.2646 **

7.2592

7.2472 last

7.2434

7.2399 **

7.2309 *

7.2255 **

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