USD/CNH may fall 97 - 145 pips

7.2770 is our pivot point.

Our preference

Under pressure below 7.2770.

Alternative scenario

The upside breakout of 7.2770, would call for 7.2850 and 7.2899.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 7.2700 and 7.2699).

Supports and resistances

7.2899 **

7.2850 *

7.2770 **

7.2738

7.2697 last

7.2600

7.2552 **

7.2504 *

7.2456 **

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