USD/CZK may fall 112 - 158 pips

Our pivot point stands at 23.051.

Our preference

The downside prevails as long as 23.051 is resistance.

Alternative scenario

The upside breakout of 23.051, would call for 23.128 and 23.174.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 22.997 and 23.010). Finally, the USD/CZK has penetrated its lower Bollinger band (22.967).

Supports and resistances

23.174 **

23.128 *

23.051 **

23.020

22.944 last

22.832

22.786 **

22.740 *

22.694 **

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