USD/CNH may rise 178 - 264 pips

7.1046 is our pivot point.

Our preference

Rebound towards 7.1447.

Alternative scenario

The downside breakout of 7.1046 would call for 7.0903 and 7.0817.

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 is trading above its 20 period moving average (7.1166) but under its 50 period moving average (7.1234).

Supports and resistances

7.1617 **

7.1532 *

7.1447 **

7.1361

7.1183 last

7.1102

7.1046 **

7.0903 *

7.0817 **

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