CHF/PLN may fall 218 - 321 pips

Our pivot point is at 4.5920.

Our preference

Under pressure below 4.5920.

Alternative scenario

The upside breakout of 4.5920, would call for 4.6092 and 4.6195.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 4.5875 and 4.5838). Finally, the CHF/PLN has penetrated its lower Bollinger band (4.5798).

Supports and resistances

4.6195 **

4.6092 *

4.5920 **

4.5852

4.5781 last

4.5563

4.5460 **

4.5357 *

4.5255 **

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