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CEE FX: CZK Leads Regional Gains, PLNHUF Records Fresh All-Time High

CEE FX
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The US PPI data has done little to shift the needle for CE3 currencies. CZK is still the top performer, closely followed by PLN, while HUF lags. Diverging signals from the Hungarian and Czech CPI prints yesterday continues to support CZKHUF, which is 0.25% firmer on the session and approaching its highest level since late June. Meanwhile, PLNHUF hit a fresh record high earlier this morning. Full technical updates for EURHUF and EURPLN below:

  • A bull cycle in EURHUF remains intact after recent gains resulted in a breach of 399.21, the Aug 5 high, and 399.75 the Mar 12 high. These two levels represented a key hurdle for bulls and the break confirms a resumption of the medium-term uptrend. With the 400.00 handle cleared, scope is seen for an extension towards 402.45 next, the March 2023 high. Further out, sights are on 404.35, the January 2023 high.
  • EURPLN maintains a firmer tone following the bull cycle that started on Sep 25. This suggests that the latest sell-off is likely a correction. The cross has recently cleared resistance at 4.3043, the Sep 12 high. The clear break is bullish and opens 4.3309, the Aug 9 high and the next key resistance. Initial firm support is at 4.2882, the 50-day EMA, ahead of 4.2689, the Sep low.
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The US PPI data has done little to shift the needle for CE3 currencies. CZK is still the top performer, closely followed by PLN, while HUF lags. Diverging signals from the Hungarian and Czech CPI prints yesterday continues to support CZKHUF, which is 0.25% firmer on the session and approaching its highest level since late June. Meanwhile, PLNHUF hit a fresh record high earlier this morning. Full technical updates for EURHUF and EURPLN below:

  • A bull cycle in EURHUF remains intact after recent gains resulted in a breach of 399.21, the Aug 5 high, and 399.75 the Mar 12 high. These two levels represented a key hurdle for bulls and the break confirms a resumption of the medium-term uptrend. With the 400.00 handle cleared, scope is seen for an extension towards 402.45 next, the March 2023 high. Further out, sights are on 404.35, the January 2023 high.
  • EURPLN maintains a firmer tone following the bull cycle that started on Sep 25. This suggests that the latest sell-off is likely a correction. The cross has recently cleared resistance at 4.3043, the Sep 12 high. The clear break is bullish and opens 4.3309, the Aug 9 high and the next key resistance. Initial firm support is at 4.2882, the 50-day EMA, ahead of 4.2689, the Sep low.