USD/CNH may rise 114 - 167 pips

7.2565 is our pivot point.

Our preference

As long as 7.2565 is support look for 7.2804.

Alternative scenario

Below 7.2565, expect 7.2475 and 7.2422.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 7.2614 and 7.2574).

Supports and resistances

7.2911 **

7.2858 *

7.2804 **

7.2751

7.2637 last

7.2600

7.2565 **

7.2475 *

7.2422 **

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