USD/HUF may rise 183 - 256 pips

Our pivot point stands at 362.21.

Our preference

The upside prevails as long as 362.21 is support.

Alternative scenario

Below 362.21, expect 361 and 360.27.

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 362.24 and 362.34). Finally, the USD/HUF is trading above its upper Bollinger band (standing at 363.47).

Supports and resistances

367.67 **

366.94 *

366.22 **

365.49

363.66 last

362.69

362.21 **

361.00 *

360.27 **

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