USD/CNH may rise 204 - 296 pips

Our pivot point stands at 7.1172.

Our preference

The upside prevails as long as 7.1172 is support.

Alternative scenario

Below 7.1172, expect 7.1018 and 7.0926.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 7.1248 and 7.1196).

Supports and resistances

7.1783 **

7.1692 *

7.1600 **

7.1508

7.1304 last

7.1233

7.1172 **

7.1018 *

7.0926 **

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