USD/PLN may fall 111 - 159 pips

3.8361 is our pivot point.

Our preference

The downside prevails as long as 3.8361 is resistance.

Alternative scenario

The upside breakout of 3.8361, would call for 3.8443 and 3.8491.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 3.8321 and 3.8326). Finally, the USD/PLN has penetrated its lower Bollinger band (3.8285).

Supports and resistances

3.8491 **

3.8443 *

3.8361 **

3.8329

3.8270 last

3.8159

3.8111 **

3.8062 *

3.8014 **

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