USD/HUF may fall 192 - 275 pips

Our pivot point is at 359.33.

Our preference

The downside prevails as long as 359.33 is resistance.

Alternative scenario

The upside breakout of 359.33, would call for 360.74 and 361.58.

Comment

The RSI is below its neutrality area at 50. 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 358.39 and 358.61).

Supports and resistances

361.58 **

360.74 *

359.33 **

358.77

358.02 last

356.10

355.27 **

354.43 *

353.59 **

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