USD/CNH may rise 203 - 299 pips

Our pivot point is at 7.1244.

Our preference

As long as 7.1244 is support look for 7.1684.

Alternative scenario

The downside breakout of 7.1244 would call for 7.1082 and 7.0986.

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 pair is trading under its 20 period moving average (7.1392) but above its 50 period moving average (7.1359).

Supports and resistances

7.1877 **

7.1781 *

7.1684 **

7.1588

7.1385 last

7.1307

7.1244 **

7.1082 *

7.0986 **

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