USD/HUF may rise 167 - 239 pips

358.71 is our pivot point.

Our preference

Look for a drop towards 358.71 before a bounce.

Alternative scenario

The downside breakout of 358.71 would call for 357.50 and 356.79.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Moreover, the price is below its 20 period moving average (360.09) but above its 50 period moving average (359.77).

Supports and resistances

363.90 **

363.19 *

362.47 **

361.75

360.08 last

359.18

358.71 **

357.50 *

356.79 **

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