USD/CNH may rise 78 - 112 pips

Our pivot point stands at 7.1515.

Our preference

The upside prevails as long as 7.1515 is support.

Alternative scenario

The downside breakout of 7.1515 would call for 7.1459 and 7.1425.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 7.1482 and 7.1425). Finally, the USD/CNH has crossed above its upper Bollinger band (7.1568).

Supports and resistances

7.1749 **

7.1715 *

7.1682 **

7.1648

7.1570 last

7.1537

7.1515 **

7.1459 *

7.1425 **

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