USD/CNH may rise 78 - 114 pips

7.2861 is our pivot point.

Our preference

The upside prevails as long as 7.2861 is support.

Alternative scenario

Below 7.2861, expect 7.2802 and 7.2766.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 7.2872 and 7.2835).

Supports and resistances

7.3094 **

7.3058 *

7.3023 **

7.2987

7.2909 last

7.2884

7.2861 **

7.2802 *

7.2766 **

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