USD/HUF may fall 167 - 241 pips

Our pivot point stands at 367.07.

Our preference

The downside prevails as long as 367.07 is resistance.

Alternative scenario

The upside breakout of 367.07, would call for 368.33 and 369.07.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 366.59 and 366.58). Finally, the USD/HUF has penetrated its lower Bollinger band (365.99).

Supports and resistances

369.07 **

368.33 *

367.07 **

366.58

365.90 last

364.23

363.49 **

362.74 *

362.00 **

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