USD/HUF may fall 220 - 317 pips

Our pivot point stands at 370.59.

Our preference

The downside prevails as long as 370.59 is resistance.

Alternative scenario

Above 370.59, look for 372.21 and 373.18.

Comment

The RSI is below 50. 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 370.16 and 370.29).

Supports and resistances

373.18 **

372.21 *

370.59 **

369.95

369.18 last

366.98

366.01 **

365.05 *

364.08 **

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