USD/CNH may rise 88 - 122 pips

7.2439 is our pivot point.

Our preference

As long as 7.2439 is support look for 7.2609.

Alternative scenario

Below 7.2439, expect 7.2382 and 7.2348.

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 7.2477 and 7.2344).

Supports and resistances

7.2677 **

7.2643 *

7.2609 **

7.2575

7.2487 last

7.2462

7.2439 **

7.2382 *

7.2348 **

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