USD/CNH may rise 199 - 295 pips

Our pivot point stands at 7.1097.

Our preference

Rebound towards 7.1533.

Alternative scenario

The downside breakout of 7.1097 would call for 7.0936 and 7.0840.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands above its 20 period moving average (7.1237) but below its 50 period moving average (7.1271).

Supports and resistances

7.1725 **

7.1629 *

7.1533 **

7.1437

7.1238 last

7.1160

7.1097 **

7.0936 *

7.0840 **

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