USD/CNH may rise 80 - 114 pips

Our pivot point stands at 7.2569.

Our preference

As long as 7.2569 is support look for 7.2729.

Alternative scenario

Below 7.2569, expect 7.2512 and 7.2477.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 7.2599 and 7.2527).

Supports and resistances

7.2798 **

7.2763 *

7.2729 **

7.2695

7.2615 last

7.2591

7.2569 **

7.2512 *

7.2477 **

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