EUR/CNH may rise 230 - 330 pips

7.92 is our pivot point.

Our preference

As long as 7.92 is support look for 7.97.

Alternative scenario

Below 7.92, expect 7.91 and 7.90.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (7.94) but above its 50 period moving average (7.93).

Supports and resistances

7.99 **

7.98 *

7.97 **

7.96

7.94 last

7.93

7.92 **

7.91 *

7.90 **

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