CHF/PLN may rise 217 - 313 pips

Our pivot point stands at 4.5025.

Our preference

The upside prevails as long as 4.5025 is support.

Alternative scenario

Below 4.5025, expect 4.4863 and 4.4767.

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 above its 20 and 50 period moving average (respectively at 4.5021 and 4.5042). Finally, the CHF/PLN is trading above its upper Bollinger band (standing at 4.5148).

Supports and resistances

4.5691 **

4.5595 *

4.5498 **

4.5402

4.5185 last

4.5088

4.5025 **

4.4863 *

4.4767 **

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