USD/HKD may fall 37 - 52 pips

Our pivot point stands at 7.8093.

Our preference

The downside prevails as long as 7.8093 is resistance.

Alternative scenario

Above 7.8093, look for 7.8116 and 7.8130.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 7.8082 and 7.8095).

Supports and resistances

7.8130 **

7.8116 *

7.8093 **

7.8083

7.8071 last

7.8034

7.8019 **

7.8005 *

7.7991 **

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