USD/CNH may rise 205 - 297 pips

Our pivot point is at 7.1184.

Our preference

As long as 7.1184 is support look for 7.1647.

Alternative scenario

The downside breakout of 7.1184 would call for 7.1030 and 7.0938.

Comment

The RSI is above 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 7.1321 and 7.1200).

Supports and resistances

7.1831 **

7.1739 *

7.1647 **

7.1555

7.1350 last

7.1245

7.1184 **

7.1030 *

7.0938 **

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