USD/HUF may fall 200 - 294 pips

Our pivot point is at 365.06.

Our preference

The downside prevails as long as 365.06 is resistance.

Alternative scenario

The upside breakout of 365.06, would call for 366.65 and 367.60.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 363.98 and 364.41). Finally, the USD/HUF is trading below its lower Bollinger band (standing at 363.26).

Supports and resistances

367.60 **

366.65 *

365.06 **

364.44

363.10 last

361.10

360.16 **

359.22 *

358.27 **

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