CHF/INR may rise 3799 - 5528 pips

Our pivot point stands at 97.85.

Our preference

The upside prevails as long as 97.85 is support.

Alternative scenario

The downside breakout of 97.85 would call for 97.56 and 97.39.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 98.01 and 97.92). Finally, the CHF/INR is trading above its upper Bollinger band (standing at 98.14).

Supports and resistances

99.08 **

98.90 *

98.73 **

98.56

98.18 last

97.96

97.85 **

97.56 *

97.39 **

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