USD/CNH may rise 217 - 308 pips

7.0578 is our pivot point.

Our preference

Rebound towards 7.1016.

Alternative scenario

The downside breakout of 7.0578 would call for 7.0425 and 7.0333.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 7.0736 and 7.0793).

Supports and resistances

7.1199 **

7.1108 *

7.1016 **

7.0925

7.0708 last

7.0638

7.0578 **

7.0425 *

7.0333 **

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