USD/CNH may rise 178 - 263 pips

Our pivot point is at 7.1339.

Our preference

As long as 7.1339 is support look for 7.1719.

Alternative scenario

The downside breakout of 7.1339 would call for 7.1195 and 7.1109.

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 7.1429 and 7.1350).

Supports and resistances

7.1891 **

7.1805 *

7.1719 **

7.1634

7.1456 last

7.1395

7.1339 **

7.1195 *

7.1109 **

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