USD/HUF may fall 168 - 249 pips

Our pivot point is at 353.68.

Our preference

The downside prevails as long as 353.68 is resistance.

Alternative scenario

Above 353.68, look for 355.05 and 355.86.

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 353.03 and 353.21). Finally, the USD/HUF is trading below its lower Bollinger band (standing at 352.46).

Supports and resistances

355.86 **

355.05 *

353.68 **

353.14

352.31 last

350.63

349.82 **

349.01 *

348.19 **

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