USD/HUF may rise 154 - 223 pips

Our pivot point stands at 358.28.

Our preference

The upside prevails as long as 358.28 is support.

Alternative scenario

Below 358.28, expect 357.12 and 356.44.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). 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 357.84 and 358.64). Finally, the USD/HUF has crossed above its upper Bollinger band (359.23).

Supports and resistances

363.12 **

362.44 *

361.75 **

361.06

359.52 last

358.73

358.28 **

357.12 *

356.44 **

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