USD/CNH may rise 81 - 117 pips

Our pivot point stands at 7.2822.

Our preference

Rebound.

Alternative scenario

The downside breakout of 7.2822 would call for 7.2763 and 7.2727.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (7.2870) but under its 50 period moving average (7.2877).

Supports and resistances

7.3063 **

7.3027 *

7.2992 **

7.2956

7.2875 last

7.2846

7.2822 **

7.2763 *

7.2727 **

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