USD/CNH may rise 202 - 298 pips

7.1129 is our pivot point.

Our preference

Rebound.

Alternative scenario

The downside breakout of 7.1129 would call for 7.0967 and 7.0871.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (7.1230) but below its 50 period moving average (7.1283).

Supports and resistances

7.1761 **

7.1664 *

7.1568 **

7.1472

7.1270 last

7.1192

7.1129 **

7.0967 *

7.0871 **

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