CHF/INR may rise 4630 - 6732 pips

Our pivot point stands at 96.35.

Our preference

The upside prevails as long as 96.35 is support.

Alternative scenario

The downside breakout of 96.35 would call for 96.00 and 95.79.

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 trading above both its 20 and 50 period moving average (respectively at 96.36 and 96.39). Finally, the CHF/INR has crossed above its upper Bollinger band (96.62).

Supports and resistances

97.75 **

97.54 *

97.33 **

97.12

96.66 last

96.49

96.35 **

96.00 *

95.79 **

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