USD/CNH may rise 75 - 110 pips

7.2842 is our pivot point.

Our preference

As long as 7.2842 is support look for 7.3005.

Alternative scenario

The downside breakout of 7.2842 would call for 7.2782 and 7.2747.

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 7.2889 and 7.2882).

Supports and resistances

7.3076 **

7.3040 *

7.3005 **

7.2970

7.2895 last

7.2865

7.2842 **

7.2782 *

7.2747 **

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