CHF/PLN may rise 161 - 242 pips

Our pivot point stands at 4.4518.

Our preference

As long as 4.4518 is support look for 4.4958.

Alternative scenario

The downside breakout of 4.4518 would call for 4.4382 and 4.4302.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 4.4648 and 4.4502).

Supports and resistances

4.5119 **

4.5039 *

4.4958 **

4.4877

4.4716 last

4.4571

4.4518 **

4.4382 *

4.4302 **

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