USD/HUF may fall 245 - 328 pips

Our pivot point stands at 368.17.

Our preference

The downside prevails as long as 368.17 is resistance.

Alternative scenario

The upside breakout of 368.17, would call for 369.56 and 370.39.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 367.53 and 367.57). Finally, the USD/HUF is trading below its lower Bollinger band (standing at 366.81).

Supports and resistances

370.39 **

369.56 *

368.17 **

367.62

366.60 last

364.15

363.32 **

362.49 *

361.67 **

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