USD/CNH may rise 189 - 274 pips

Our pivot point stands at 7.1357.

Our preference

Rebound towards 7.1745.

Alternative scenario

The downside breakout of 7.1357 would call for 7.1214 and 7.1128.

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 7.1479 and 7.1529).

Supports and resistances

7.1917 **

7.1831 *

7.1745 **

7.1660

7.1471 last

7.1414

7.1357 **

7.1214 *

7.1128 **

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