USD/CNH may rise 203 - 301 pips

Our pivot point stands at 7.1207.

Our preference

As long as 7.1207 is support look for 7.1654.

Alternative scenario

Below 7.1207, expect 7.1043 and 7.0945.

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 7.1333 and 7.1303).

Supports and resistances

7.1849 **

7.1751 *

7.1654 **

7.1556

7.1353 last

7.1271

7.1207 **

7.1043 *

7.0945 **

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