USD/CNH may rise 103 - 151 pips

Our pivot point is at 7.2608.

Our preference

Rebound.

Alternative scenario

Below 7.2608, expect 7.2527 and 7.2479.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (7.2693) but below its 50 period moving average (7.2703).

Supports and resistances

7.2943 **

7.2895 *

7.2847 **

7.2799

7.2696 last

7.2639

7.2608 **

7.2527 *

7.2479 **

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