CHF/INR may fall 3068 - 4464 pips

Our pivot point stands at 91.40.

Our preference

The downside prevails as long as 91.40 is resistance.

Alternative scenario

The upside breakout of 91.40, would call for 91.63 and 91.77.

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 negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 91.35 and 91.42).

Supports and resistances

91.77 **

91.63 *

91.40 **

91.31

91.19 last

90.88

90.74 **

90.60 *

90.46 **

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