CHF/INR may rise 5343 - 7681 pips

Our pivot point is at 99.22.

Our preference

Look for a drop towards 99.22 before a bounce.

Alternative scenario

The downside breakout of 99.22 would call for 98.83 and 98.60.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Moreover, the price is below its 20 period moving average (99.59) but above its 50 period moving average (99.47).

Supports and resistances

100.78 **

100.55 *

100.31 **

100.08

99.55 last

99.38

99.22 **

98.83 *

98.60 **

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