CHF/PLN may fall 238 - 356 pips

4.4543 is our pivot point.

Our preference

The downside prevails as long as 4.4543 is resistance.

Alternative scenario

The upside breakout of 4.4543, would call for 4.4742 and 4.4861.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 4.4549 and 4.4675). Finally, the CHF/PLN has penetrated its lower Bollinger band (4.4313).

Supports and resistances

4.4861 **

4.4742 *

4.4543 **

4.4465

4.4271 last

4.4033

4.3915 **

4.3797 *

4.3679 **

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