USD/CNH may rise 90 - 124 pips

Our pivot point stands at 7.2633.

Our preference

The upside prevails as long as 7.2633 is support.

Alternative scenario

Below 7.2633, expect 7.2575 and 7.2541.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 7.2633 and 7.2616).

Supports and resistances

7.2873 **

7.2839 *

7.2804 **

7.2770

7.2680 last

7.2655

7.2633 **

7.2575 *

7.2541 **

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