USD/CNH may rise 204 - 304 pips

7.0657 is our pivot point.

Our preference

Rebound.

Alternative scenario

Below 7.0657, expect 7.0488 and 7.0388.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (7.0837) but below its 50 period moving average (7.0945).

Supports and resistances

7.1382 **

7.1282 *

7.1181 **

7.1081

7.0877 last

7.0723

7.0657 **

7.0488 *

7.0388 **

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