USD/CNH may rise to 7.3255 - 7.3500

Our pivot point is at 7.2359.

Our preference

The upside prevails as long as 7.2359 is support.

Alternative scenario

The downside breakout of 7.2359 would call for 7.1948 and 7.1703.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 7.2610 and 7.2485).

Supports and resistances

7.3990 **

7.3745 *

7.3500 **

7.3255

7.2747 last

7.2521

7.2359 **

7.1948 *

7.1703 **

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