CHF/PLN may fall 208 - 309 pips

4.4770 is our pivot point.

Our preference

The downside prevails as long as 4.4770 is resistance.

Alternative scenario

Above 4.4770, look for 4.4939 and 4.5040.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 4.4760 and 4.4852). Finally, the CHF/PLN has penetrated its lower Bollinger band (4.4643).

Supports and resistances

4.5040 **

4.4939 *

4.4770 **

4.4703

4.4607 last

4.4399

4.4298 **

4.4197 *

4.4097 **

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