USD/HUF may rise 192 - 276 pips

357.60 is our pivot point.

Our preference

Look for a drop towards 357.60 before a bounce.

Alternative scenario

Below 357.60, expect 356.19 and 355.35.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is above its 20 and 50 period moving average (respectively at 359.17 and 358.91).

Supports and resistances

363.62 **

362.78 *

361.93 **

361.09

359.17 last

358.16

357.60 **

356.19 *

355.35 **

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