USD/HUF may fall 177 - 251 pips

Our pivot point stands at 370.06.

Our preference

The downside prevails as long as 370.06 is resistance.

Alternative scenario

Above 370.06, look for 371.31 and 372.06.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 369.08 and 369.36).

Supports and resistances

372.06 **

371.31 *

370.06 **

369.57

368.90 last

367.13

366.39 **

365.64 *

364.90 **

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