USD/HKD may rise 39 - 59 pips

7.7976 is our pivot point.

Our preference

The upside prevails as long as 7.7976 is support.

Alternative scenario

The downside breakout of 7.7976 would call for 7.7943 and 7.7923.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 7.7992 and 7.7974).

Supports and resistances

7.8104 **

7.8084 *

7.8065 **

7.8045

7.8006 last

7.7988

7.7976 **

7.7943 *

7.7923 **

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