USD/CNH may fall 74 - 110 pips

7.2942 is our pivot point.

Our preference

The downside prevails as long as 7.2942 is resistance.

Alternative scenario

Above 7.2942, look for 7.3002 and 7.3037.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 7.2886 and 7.2887).

Supports and resistances

7.3037 **

7.3002 *

7.2942 **

7.2919

7.2878 last

7.2804

7.2768 **

7.2733 *

7.2697 **

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