USD/CNH may rise 67 - 100 pips

Our pivot point is at 7.1566.

Our preference

Rebound towards 7.1711.

Alternative scenario

The downside breakout of 7.1566 would call for 7.1510 and 7.1476.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 7.1679 and 7.2036).

Supports and resistances

7.1779 **

7.1745 *

7.1711 **

7.1678

7.1611 last

7.1588

7.1566 **

7.1510 *

7.1476 **

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