USD/CNH may rise 80 - 115 pips

Our pivot point stands at 7.2706.

Our preference

The upside prevails as long as 7.2706 is support.

Alternative scenario

Below 7.2706, expect 7.2647 and 7.2611.

Comment

The RSI is above its neutrality area at 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 7.2732 and 7.2726).

Supports and resistances

7.2944 **

7.2909 *

7.2873 **

7.2838

7.2758 last

7.2730

7.2706 **

7.2647 *

7.2611 **

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