USD/CNH may rise 230 - 322 pips

Our pivot point is at 7.1205.

Our preference

As long as 7.1205 is support look for 7.1648.

Alternative scenario

Below 7.1205, expect 7.1051 and 7.0959.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 7.1320 and 7.1240).

Supports and resistances

7.1832 **

7.1740 *

7.1648 **

7.1556

7.1326 last

7.1266

7.1205 **

7.1051 *

7.0959 **

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