USD/CZK may fall 111 - 156 pips

Our pivot point stands at 22.881.

Our preference

As long as 22.881 is resistance look for 22.657.

Alternative scenario

The upside breakout of 22.881, would call for 22.958 and 23.003.

Comment

The RSI is below 50. The MACD is positive and above its signal line. The break above the 50 area on the RSI would call for further upside. Moreover, the price stands above its 20 period moving average (22.810) but below its 50 period moving average (22.813).

Supports and resistances

23.003 **

22.958 *

22.881 **

22.851

22.813 last

22.702

22.657 **

22.611 *

22.566 **

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