USD/CNH may rise 199 - 290 pips

Our pivot point stands at 7.0589.

Our preference

The upside prevails as long as 7.0589 is support.

Alternative scenario

Below 7.0589, expect 7.0436 and 7.0345.

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 7.0675 and 7.0648).

Supports and resistances

7.1230 **

7.1139 *

7.1048 **

7.0957

7.0758 last

7.0649

7.0589 **

7.0436 *

7.0345 **

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