USD/CNH may rise to 7.3378 - 7.3746

Our pivot point stands at 7.2078.

Our preference

The upside prevails as long as 7.2078 is support.

Alternative scenario

The downside breakout of 7.2078 would call for 7.1459 and 7.1091.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 7.2332 and 7.2439).

Supports and resistances

7.4484 **

7.4115 *

7.3746 **

7.3378

7.2630 last

7.2321

7.2078 **

7.1459 *

7.1091 **

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