USD/TWD may rise 121 - 173 pips

Our pivot point is at 31.993.

Our preference

The upside prevails as long as 31.993 is support.

Alternative scenario

The downside breakout of 31.993 would call for 31.906 and 31.855.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 32.064 and 32.045).

Supports and resistances

32.346 **

32.294 *

32.243 **

32.191

32.070 last

32.027

31.993 **

31.906 *

31.855 **

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