USD/TWD may rise 180 - 260 pips

31.740 is our pivot point.

Our preference

Rebound towards 32.118.

Alternative scenario

The downside breakout of 31.740 would call for 31.607 and 31.527.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 31.864 and 31.904).

Supports and resistances

32.276 **

32.197 *

32.118 **

32.038

31.858 last

31.792

31.740 **

31.607 *

31.527 **

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