USD/CNH may rise 84 - 118 pips

Our pivot point is at 7.1762.

Our preference

The upside prevails as long as 7.1762 is support.

Alternative scenario

The downside breakout of 7.1762 would call for 7.1705 and 7.1672.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 7.1775 and 7.1716).

Supports and resistances

7.1993 **

7.1959 *

7.1926 **

7.1892

7.1808 last

7.1784

7.1762 **

7.1705 *

7.1672 **

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