USD/HKD may rise 39 - 54 pips

7.7677 is our pivot point.

Our preference

The upside prevails as long as 7.7677 is support.

Alternative scenario

The downside breakout of 7.7677 would call for 7.7650 and 7.7635.

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 trading above both its 20 and 50 period moving average (respectively at 7.7700 and 7.7696).

Supports and resistances

7.7790 **

7.7774 *

7.7758 **

7.7743

7.7704 last

7.7687

7.7677 **

7.7650 *

7.7635 **

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