USD/HUF may rise 245 - 342 pips

Our pivot point stands at 370.17.

Our preference

The upside prevails as long as 370.17 is support.

Alternative scenario

Below 370.17, expect 368.54 and 367.58.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 370.36 and 370.26). Finally, the USD/HUF is trading above its upper Bollinger band (standing at 371.62).

Supports and resistances

377.39 **

376.42 *

375.44 **

374.47

372.02 last

370.81

370.17 **

368.54 *

367.58 **

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