USD/HUF may rise 168 - 243 pips

Our pivot point stands at 368.58.

Our preference

The upside prevails as long as 368.58 is support.

Alternative scenario

The downside breakout of 368.58 would call for 367.32 and 366.57.

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 above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 368.52 and 368.38).

Supports and resistances

373.51 **

372.76 *

372.02 **

371.27

369.59 last

369.07

368.58 **

367.32 *

366.57 **

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