USD/HUF may rise 205 - 289 pips

369.35 is our pivot point.

Our preference

The upside prevails as long as 369.35 is support.

Alternative scenario

Below 369.35, expect 367.95 and 367.11.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 369.72 and 368.70). Finally, the USD/HUF is trading above its upper Bollinger band (standing at 370.76).

Supports and resistances

375.35 **

374.52 *

373.68 **

372.84

370.79 last

369.91

369.35 **

367.95 *

367.11 **

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