USD/HUF may fall 183 - 261 pips

Our pivot point stands at 354.98.

Our preference

The downside prevails as long as 354.98 is resistance.

Alternative scenario

Above 354.98, look for 356.30 and 357.08.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 353.54 and 353.65).

Supports and resistances

357.08 **

356.30 *

354.98 **

354.46

353.52 last

351.69

350.91 **

350.13 *

349.35 **

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