USD/CZK may rise 101 - 136 pips

Our pivot point is at 23.504.

Our preference

The upside prevails as long as 23.504 is support.

Alternative scenario

Below 23.504, expect 23.445 and 23.411.

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 trading above both its 20 and 50 period moving average (respectively at 23.480 and 23.482). Finally, the USD/CZK has crossed above its upper Bollinger band (23.574).

Supports and resistances

23.839 **

23.804 *

23.769 **

23.734

23.633 last

23.527

23.504 **

23.445 *

23.411 **

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