USD/CNH may fall 184 - 275 pips

Our pivot point stands at 7.0957.

Our preference

Under pressure below 7.0957.

Alternative scenario

The upside breakout of 7.0957, would call for 7.1111 and 7.1202.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 7.0871 and 7.0850).

Supports and resistances

7.1202 **

7.1111 *

7.0957 **

7.0897

7.0823 last

7.0639

7.0548 **

7.0457 *

7.0366 **

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