USD/CNH may rise 114 - 167 pips

Our pivot point stands at 7.2561.

Our preference

The upside prevails as long as 7.2561 is support.

Alternative scenario

The downside breakout of 7.2561 would call for 7.2472 and 7.2419.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 7.2607 and 7.2564).

Supports and resistances

7.2908 **

7.2855 *

7.2801 **

7.2748

7.2634 last

7.2596

7.2561 **

7.2472 *

7.2419 **

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