USD/PLN may rise 104 - 152 pips

Our pivot point stands at 3.8376.

Our preference

Look for a drop towards 3.8376 before a bounce.

Alternative scenario

The downside breakout of 3.8376 would call for 3.8294 and 3.8245.

Comment

The RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is above its 20 and 50 period moving average (respectively at 3.8495 and 3.8495).

Supports and resistances

3.8753 **

3.8704 *

3.8655 **

3.8607

3.8503 last

3.8408

3.8376 **

3.8294 *

3.8245 **

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