USD/CNH may rise 112 - 146 pips

Our pivot point stands at 7.2173.

Our preference

Rebound towards 7.2374.

Alternative scenario

The downside breakout of 7.2173 would call for 7.2116 and 7.2082.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 7.2258 and 7.2370).

Supports and resistances

7.2442 **

7.2408 *

7.2374 **

7.2340

7.2228 last

7.2195

7.2173 **

7.2116 *

7.2082 **

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