USD/CNH may rise 190 - 282 pips

Our pivot point stands at 7.1206.

Our preference

The upside prevails as long as 7.1206 is support.

Alternative scenario

The downside breakout of 7.1206 would call for 7.1052 and 7.0960.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 7.1264 and 7.1120). Finally, the USD/CNH has crossed above its upper Bollinger band (7.1366).

Supports and resistances

7.1861 **

7.1769 *

7.1676 **

7.1584

7.1394 last

7.1267

7.1206 **

7.1052 *

7.0960 **

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