USD/CNH may rise 174 - 260 pips

Our pivot point is at 7.1192.

Our preference

The upside prevails as long as 7.1192 is support.

Alternative scenario

Below 7.1192, expect 7.1048 and 7.0963.

Comment

The RSI is above its neutrality area at 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 7.1290 and 7.1286).

Supports and resistances

7.1752 **

7.1666 *

7.1581 **

7.1495

7.1321 last

7.1248

7.1192 **

7.1048 *

7.0963 **

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