USD/CNH may rise 186 - 277 pips

Our pivot point is at 7.0549.

Our preference

Rebound towards 7.0966.

Alternative scenario

Below 7.0549, expect 7.0396 and 7.0305.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 7.0704 and 7.0756).

Supports and resistances

7.1148 **

7.1057 *

7.0966 **

7.0875

7.0689 last

7.0609

7.0549 **

7.0396 *

7.0305 **

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