USD/CNH may rise 102 - 150 pips

Our pivot point stands at 7.2610.

Our preference

As long as 7.2610 is support look for 7.2828.

Alternative scenario

The downside breakout of 7.2610 would call for 7.2529 and 7.2481.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 7.2667 and 7.2638).

Supports and resistances

7.2925 **

7.2876 *

7.2828 **

7.2780

7.2678 last

7.2641

7.2610 **

7.2529 *

7.2481 **

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