USD/CNH may rise 176 - 262 pips

Our pivot point is at 7.1251.

Our preference

As long as 7.1251 is support look for 7.1670.

Alternative scenario

Below 7.1251, expect 7.1107 and 7.1022.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 7.1387 and 7.1363).

Supports and resistances

7.1841 **

7.1755 *

7.1670 **

7.1584

7.1408 last

7.1307

7.1251 **

7.1107 *

7.1022 **

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