USD/HUF may rise 173 - 248 pips

Our pivot point stands at 364.32.

Our preference

The upside prevails as long as 364.32 is support.

Alternative scenario

The downside breakout of 364.32 would call for 363.07 and 362.32.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 364.72 and 364.48). Finally, the USD/HUF has crossed above its upper Bollinger band (365.69).

Supports and resistances

369.82 **

369.07 *

368.33 **

367.58

365.85 last

364.81

364.32 **

363.07 *

362.32 **

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