USD/CZK may rise 101 - 139 pips

23.239 is our pivot point.

Our preference

The upside prevails as long as 23.239 is support.

Alternative scenario

Below 23.239, expect 23.175 and 23.137.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 23.197 and 23.185). Finally, the USD/CZK has crossed above its upper Bollinger band (23.275).

Supports and resistances

23.509 **

23.471 *

23.433 **

23.395

23.294 last

23.264

23.239 **

23.175 *

23.137 **

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