USD/CNH may rise 111 - 160 pips

Our pivot point stands at 7.2609.

Our preference

The upside prevails as long as 7.2609 is support.

Alternative scenario

The downside breakout of 7.2609 would call for 7.2528 and 7.2480.

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 trading above both its 20 and 50 period moving average (respectively at 7.2667 and 7.2634).

Supports and resistances

7.2931 **

7.2883 *

7.2835 **

7.2786

7.2675 last

7.2641

7.2609 **

7.2528 *

7.2480 **

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