USD/CNH may rise 120 - 174 pips

Our pivot point is at 7.2546.

Our preference

The upside prevails as long as 7.2546 is support.

Alternative scenario

Below 7.2546, expect 7.2455 and 7.2400.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 7.2543 and 7.2572).

Supports and resistances

7.2906 **

7.2851 *

7.2796 **

7.2742

7.2622 last

7.2582

7.2546 **

7.2455 *

7.2400 **

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