USD/CNH may rise 198 - 290 pips

7.0748 is our pivot point.

Our preference

As long as 7.0748 is support look for 7.1199.

Alternative scenario

Below 7.0748, expect 7.0595 and 7.0504.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 7.0886 and 7.0813).

Supports and resistances

7.1382 **

7.1290 *

7.1199 **

7.1107

7.0909 last

7.0809

7.0748 **

7.0595 *

7.0504 **

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