USD/CNH may rise 220 - 312 pips

Our pivot point is at 7.1117.

Our preference

The upside prevails as long as 7.1117 is support.

Alternative scenario

Below 7.1117, expect 7.0962 and 7.0871.

Comment

The RSI is above its neutrality area at 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 7.1181 and 7.1176).

Supports and resistances

7.1747 **

7.1655 *

7.1563 **

7.1471

7.1251 last

7.1177

7.1117 **

7.0962 *

7.0871 **

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