USD/CNH may rise 78 - 110 pips

Our pivot point stands at 7.2899.

Our preference

As long as 7.2899 is support look for 7.3051.

Alternative scenario

Below 7.2899, expect 7.2845 and 7.2814.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 7.2929 and 7.2894).

Supports and resistances

7.3115 **

7.3083 *

7.3051 **

7.3019

7.2941 last

7.2920

7.2899 **

7.2845 *

7.2814 **

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