USD/CNH Price Forecast: Bullish tone remains in play near 7.3150

• USD/CNH extends the rally to near 7.3140 in Monday's Asian session. 
• The positive view of the pair prevails above the key 100-day EMA with the bullish RSI indicator. 
• The first upside barrier is seen at 7.3595; the initial support level is located at 7.2688. 

The USD/CNH pair gains ground to around 7.3140 during the Asian trading hours on Monday. The US Dollar (USD) edges higher after US President Donald Trump said that he plans to announce reciprocal tariffs on many countries by Monday or Tuesday, without specifying which countries. Additionally, Trump stated on Sunday that he was set to impose new 25% tariffs on all steel and aluminum imports. 

According to the daily chart, the bullish outlook of USD/CNH remains intact, with the price holding above the key 100-period Exponential Moving Average (EMA). The upward momentum is supported by the Relative Strength Index (RSI), which stands above the midline near 55.00, suggesting the path of least resistance is to the upside. 

The upper boundary of the Bollinger Band of 7.3595 acts as an upside barrier for the pair. A decisive break above this level could pave the way to 7.3673, the high of February 3. 

On the flip side, the initial support level for USD/CNH emerges at 7.2688, the low of February 5. Extended losses could see a drop to 7.2568, the 100-day EMA. The additional downside filter to watch is 7.2320, the lower limit of the Bollinger Band. 

USD/CNH daily chart