CHF/PLN may rise 202 - 298 pips

Our pivot point is at 4.5065.

Our preference

Look for a drop towards 4.5065 before a bounce.

Alternative scenario

The downside breakout of 4.5065 would call for 4.4903 and 4.4807.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI would call for further downside. Moreover, the pair is trading under its 20 period moving average (4.5204) but above its 50 period moving average (4.5198).

Supports and resistances

4.5692 **

4.5596 *

4.5499 **

4.5403

4.5201 last

4.5128

4.5065 **

4.4903 *

4.4807 **

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