USD/CNH may fall 215 - 300 pips

Our pivot point stands at 7.1226.

Our preference

The downside prevails as long as 7.1226 is resistance.

Alternative scenario

Above 7.1226, look for 7.1369 and 7.1454.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 7.1207 and 7.1268).

Supports and resistances

7.1454 **

7.1369 *

7.1226 **

7.1169

7.1076 last

7.0861

7.0776 **

7.0691 *

7.0606 **

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