USD/CNH may rise 79 - 115 pips

Our pivot point is at 7.2789.

Our preference

As long as 7.2789 is support look for 7.2966.

Alternative scenario

The downside breakout of 7.2789 would call for 7.2729 and 7.2694.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 7.2823 and 7.2800).

Supports and resistances

7.3037 **

7.3001 *

7.2966 **

7.2930

7.2851 last

7.2812

7.2789 **

7.2729 *

7.2694 **

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