USD/CNH may rise 116 - 170 pips

Our pivot point stands at 7.2506.

Our preference

As long as 7.2506 is support look for 7.2750.

Alternative scenario

The downside breakout of 7.2506 would call for 7.2414 and 7.2360.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 7.2564 and 7.2529).

Supports and resistances

7.2859 **

7.2805 *

7.2750 **

7.2696

7.2580 last

7.2542

7.2506 **

7.2414 *

7.2360 **

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