CHF/INR may fall 3158 - 4716 pips

Our pivot point stands at 93.96.

Our preference

Target 93.20.

Alternative scenario

Above 93.96, look for 94.22 and 94.37.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (93.82) but above its 50 period moving average (93.60). Finally, the CHF/INR is trading below its lower Bollinger band (standing at 93.69).

Supports and resistances

94.37 **

94.22 *

93.96 **

93.85

93.67 last

93.36

93.20 **

93.04 *

92.89 **

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