USD/HUF may fall 207 - 301 pips

Our pivot point stands at 360.68.

Our preference

The downside prevails as long as 360.68 is resistance.

Alternative scenario

The upside breakout of 360.68, would call for 362.25 and 363.19.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 360.05 and 359.95). Finally, the USD/HUF is trading below its lower Bollinger band (standing at 359.15).

Supports and resistances

363.19 **

362.25 *

360.68 **

360.07

358.76 last

356.69

355.75 **

354.82 *

353.89 **

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