CHF/INR may rise 3098 - 4334 pips

Our pivot point stands at 94.84.

Our preference

The upside prevails as long as 94.84 is support.

Alternative scenario

The downside breakout of 94.84 would call for 94.63 and 94.51.

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 above its 20 and 50 period moving average (respectively at 94.75 and 94.58). Finally, the CHF/INR has crossed above its upper Bollinger band (94.99).

Supports and resistances

95.68 **

95.56 *

95.43 **

95.31

95.00 last

94.92

94.84 **

94.63 *

94.51 **

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