USD/CNH may rise 207 - 303 pips

Our pivot point stands at 7.1069.

Our preference

Rebound towards 7.1509.

Alternative scenario

The downside breakout of 7.1069 would call for 7.0908 and 7.0812.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 7.1246 and 7.1330).

Supports and resistances

7.1701 **

7.1605 *

7.1509 **

7.1413

7.1206 last

7.1132

7.1069 **

7.0908 *

7.0812 **

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