USD/CNH may rise 68 - 100 pips

Our pivot point stands at 7.2806.

Our preference

The upside prevails as long as 7.2806 is support.

Alternative scenario

Below 7.2806, expect 7.2753 and 7.2721.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 7.2835 and 7.2809).

Supports and resistances

7.3022 **

7.2990 *

7.2958 **

7.2926

7.2858 last

7.2827

7.2806 **

7.2753 *

7.2721 **

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