USD/HUF may rise 166 - 237 pips

371.09 is our pivot point.

Our preference

Rebound towards 374.48.

Alternative scenario

The downside breakout of 371.09 would call for 369.90 and 369.20.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands above its 20 period moving average (372.11) but below its 50 period moving average (372.67).

Supports and resistances

375.89 **

375.18 *

374.48 **

373.77

372.11 last

371.55

371.09 **

369.90 *

369.20 **

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