USD/CNH may rise 103 - 151 pips

7.2641 is our pivot point.

Our preference

As long as 7.2641 is support look for 7.2859.

Alternative scenario

The downside breakout of 7.2641 would call for 7.2560 and 7.2512.

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 below its 20 period moving average (7.2715) but above its 50 period moving average (7.2684).

Supports and resistances

7.2955 **

7.2907 *

7.2859 **

7.2811

7.2708 last

7.2673

7.2641 **

7.2560 *

7.2512 **

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