USD/CNH may rise 214 - 305 pips

Our pivot point stands at 7.0532.

Our preference

The upside prevails as long as 7.0532 is support.

Alternative scenario

The downside breakout of 7.0532 would call for 7.0379 and 7.0288.

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 7.0648 and 7.0628).

Supports and resistances

7.1184 **

7.1093 *

7.1002 **

7.0911

7.0697 last

7.0592

7.0532 **

7.0379 *

7.0288 **

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