USD/CNH may rise 113 - 147 pips

Our pivot point stands at 7.2162.

Our preference

Rebound towards 7.2374.

Alternative scenario

The downside breakout of 7.2162 would call for 7.2105 and 7.2072.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 7.2238 and 7.2324).

Supports and resistances

7.2442 **

7.2408 *

7.2374 **

7.2340

7.2227 last

7.2185

7.2162 **

7.2105 *

7.2072 **

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