USD/CNH may rise to 7.2718 - 7.3384

Our pivot point is at 7.0412.

Our preference

The upside prevails as long as 7.0412 is support.

Alternative scenario

The downside breakout of 7.0412 would call for 6.9293 and 6.8628.

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 7.0716 and 7.0935).

Supports and resistances

7.4718 **

7.4051 *

7.3384 **

7.2718

7.1322 last

7.0851

7.0412 **

6.9293 *

6.8628 **

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