CHF/PLN may rise 167 - 247 pips

Our pivot point is at 4.3978.

Our preference

The upside prevails as long as 4.3978 is support.

Alternative scenario

The downside breakout of 4.3978 would call for 4.3844 and 4.3765.

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 above its 20 and 50 period moving average (respectively at 4.3807 and 4.3807). Finally, the CHF/PLN has crossed above its upper Bollinger band (4.4071).

Supports and resistances

4.4506 **

4.4426 *

4.4347 **

4.4267

4.4100 last

4.4031

4.3978 **

4.3844 *

4.3765 **

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