USD/CNH may rise 119 - 173 pips

Our pivot point is at 7.2560.

Our preference

The upside prevails as long as 7.2560 is support.

Alternative scenario

The downside breakout of 7.2560 would call for 7.2468 and 7.2414.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 7.2598 and 7.2576).

Supports and resistances

7.2916 **

7.2862 *

7.2807 **

7.2753

7.2634 last

7.2596

7.2560 **

7.2468 *

7.2414 **

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