USD/HUF may rise 152 - 226 pips

Our pivot point stands at 359.96.

Our preference

The upside prevails as long as 359.96 is support.

Alternative scenario

Below 359.96, expect 358.72 and 357.98.

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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 359.95 and 359.91). Finally, the USD/HUF is trading above its upper Bollinger band (standing at 361.20).

Supports and resistances

365.12 **

364.38 *

363.64 **

362.90

361.38 last

360.45

359.96 **

358.72 *

357.98 **

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