USD/CNH may rise 202 - 288 pips

Our pivot point is at 7.1106.

Our preference

The upside prevails as long as 7.1106 is support.

Alternative scenario

The downside breakout of 7.1106 would call for 7.0962 and 7.0877.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is below its 20 period moving average (7.1223) but above its 50 period moving average (7.1188).

Supports and resistances

7.1677 **

7.1591 *

7.1506 **

7.1420

7.1218 last

7.1162

7.1106 **

7.0962 *

7.0877 **

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