USD/CNH may rise 79 - 113 pips

7.2659 is our pivot point.

Our preference

As long as 7.2659 is support look for 7.2819.

Alternative scenario

Below 7.2659, expect 7.2602 and 7.2568.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 7.2704 and 7.2659).

Supports and resistances

7.2887 **

7.2853 *

7.2819 **

7.2785

7.2706 last

7.2682

7.2659 **

7.2602 *

7.2568 **

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