USD/CNH may rise 117 - 165 pips

Our pivot point stands at 7.2634.

Our preference

As long as 7.2634 is support look for 7.2865.

Alternative scenario

Below 7.2634, expect 7.2553 and 7.2505.

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 pair is trading under its 20 period moving average (7.2703) but above its 50 period moving average (7.2685).

Supports and resistances

7.2961 **

7.2913 *

7.2865 **

7.2817

7.2700 last

7.2666

7.2634 **

7.2553 *

7.2505 **

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