USD/CNH may rise 185 - 276 pips

7.0424 is our pivot point.

Our preference

Rebound towards 7.0853.

Alternative scenario

The downside breakout of 7.0424 would call for 7.0271 and 7.0180.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading above its 20 period moving average (7.0568) but under its 50 period moving average (7.0618).

Supports and resistances

7.1035 **

7.0944 *

7.0853 **

7.0762

7.0577 last

7.0484

7.0424 **

7.0271 *

7.0180 **

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