CHF/INR may fall 4146 - 5867 pips

Our pivot point stands at 98.07.

Our preference

The downside prevails as long as 98.07 is resistance.

Alternative scenario

The upside breakout of 98.07, would call for 98.36 and 98.53.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). 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 97.95 and 98.03). Finally, the CHF/INR is trading below its lower Bollinger band (standing at 97.80).

Supports and resistances

98.53 **

98.36 *

98.07 **

97.96

97.79 last

97.37

97.20 **

97.03 *

96.85 **

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