CHF/INR may fall 3612 - 5067 pips

94.25 is our pivot point.

Our preference

The downside prevails as long as 94.25 is resistance.

Alternative scenario

The upside breakout of 94.25, would call for 94.49 and 94.64.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 94.38 and 94.36). Finally, the CHF/INR is trading below its lower Bollinger band (standing at 94.14).

Supports and resistances

94.64 **

94.49 *

94.25 **

94.15

93.94 last

93.58

93.43 **

93.29 *

93.14 **

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