USD/CNH may fall 113 - 166 pips

Our pivot point is at 7.2668.

Our preference

The downside prevails as long as 7.2668 is resistance.

Alternative scenario

The upside breakout of 7.2668, would call for 7.2757 and 7.2810.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 7.2599 and 7.2607).

Supports and resistances

7.2810 **

7.2757 *

7.2668 **

7.2633

7.2583 last

7.2470

7.2417 **

7.2363 *

7.2310 **

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