USD/HUF may rise 154 - 226 pips

Our pivot point stands at 371.00.

Our preference

The upside prevails as long as 371 is support.

Alternative scenario

Below 371, expect 369.79 and 369.08.

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 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 370.86 and 370.49).

Supports and resistances

375.88 **

375.17 *

374.45 **

373.73

372.19 last

371.47

371.00 **

369.79 *

369.08 **

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