USD/CNH may rise 106 - 159 pips

Our pivot point stands at 7.2457.

Our preference

Rebound towards 7.2687.

Alternative scenario

Below 7.2457, expect 7.2368 and 7.2315.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 7.2529 and 7.2613).

Supports and resistances

7.2793 **

7.2740 *

7.2687 **

7.2634

7.2528 last

7.2492

7.2457 **

7.2368 *

7.2315 **

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