CHF/PLN may fall 197 - 284 pips

Our pivot point is at 4.4750.

Our preference

The downside prevails as long as 4.4750 is resistance.

Alternative scenario

The upside breakout of 4.4750, would call for 4.4897 and 4.4984.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 4.4725 and 4.4747). Finally, the CHF/PLN has penetrated its lower Bollinger band (4.4625).

Supports and resistances

4.4984 **

4.4897 *

4.4750 **

4.4693

4.4618 last

4.4421

4.4334 **

4.4247 *

4.4160 **

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